ED (Enforcement Directorate) conducts raids and in raids, taxis seize stolen money and other things. Have you ever wondered where the money that ED seizes goes? Do you know? Let us tell you today where does this money go. ED has attached properties worth Rs 67000 crore in the last 4 years. Whenever the ED conducts raids, it gets success from most of the places, it gets crores of rupees in cash and other assets. When a government agency conducts raids, it finds paper documents, cash, gold, silver and other things. The officers make Panchnama of the goods seized in the raid. His signature is also done in the Panchnama, whose goods are being confiscated. The property which is seized after that is called case property.
Now let us tell you what is written in Panchnama. So it is written in it that how much money has been recovered, how many bags are there. How many notes of which currency are there like how many 500 notes of 200. If there is any mark on any note or something written in the seized cash, then these details are also written in the Panchnama and such cash is kept by the investigating agency as evidence and presented in the court as evidence. is done. The remaining cash is deposited in the bank.
Investigating agencies deposit the seized money in the central government’s account in the Reserve Bank of India, State Bank of India. In some cases, the investigating agencies keep the money with themselves and this money remains with the investigating agencies till the completion of the trial of the case. It’s all about cash. On the other hand, if there is a property, then the property is attached under section 5 (1) of PMLA. After the confiscation of the property is proved in the court, the government takes possession of this property under section 9 of PMLA. It is written on this property that this property cannot be bought, sold or used.
The most important thing in all this is that according to PMLA, the ED can keep the property with itself only for 180 days. Meaning if the accused is proved in the court, then the property belongs to the government and if it is not, then the property belonged to him. Many times it also happens that the accused can use that property while the ED is attaching the property while the trial is going on in the court, but the final decision of the court is to whom the property will go. Meaning if the court orders to seize the property, then the property becomes the right of the government, if the ED is unable to prove the charge against the accused, then the property is returned to the owner. Many times the court returns the property by imposing some fine on the owner of the property.