About ₹1.11 lakh-crore worth assets have been seized in the last six years by agencies probing economic offences, the government has informed the Parliament.
In the current fiscal (till January 2023) alone, 204 immovable properties worth ₹10,683 crores were attached by Enforcement Directorate (ED), Directorate of Revenue Intelligence (DRI), Income Tax Department, and other central agencies, Minister of State for Finance Pankaj Chaudhary told Rajya Sabha on Tuesday.
According to the data shared from 2017 till this year in the parliament question, the maximum seizure was done in 2019-20 which was to the tune of ₹3411626.22 in 1975 cases. In 2021-22, ₹19,832 crore immovable properties were attached in 1,657 cases, the MoS told parliamentarians. But, most number of cases registered (2452 cases) was in 2018-19 and assets worth ₹26,36,786.31 crores were attached, Chaudhary informed in writing.
Confiscated properties
The confiscated properties are disposed of by the Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) to recover the money earned through corrupt means. According to the Minister, the two boards disposed of immovable properties in 100 cases worth ₹7,086.05 lakh.
Of this, assets disposed of by the two boards between 2017-18 and 2021-22 was ₹71 crore, Chaudhary stated. “In many cases, where properties are attached by the CBDT and the CBIC are challenged before the court and unless the court decides the matter, these properties cannot be disposed of,” the Minister of State for Finance said.
In addition, during the last five years (i.e. from February 1, 2018, till January 31, 2023), confiscation of proceeds of crime amounting to ₹15,619.56 crore has been secured by the Enforcement Directorate. “It is pertinent to mention here that assets amounting to ₹15,113.91 crore have been restituted to the public sector banks. Out of this, a consortium of banks led by SBI has realised ₹7,975.27 crore by the sale of assets handed over to them by the Directorate of Enforcement,” the Minister briefed the Upper House.