What Happens to the Money Confiscated by ED in India?

WRITTEN BY Saumya Jaiswar

Arpita Mukherjee Controversy

Within a week, the ED has recovered more than Rs 50 crore in cash and more than 5 kg of gold from the house of Arpita Mukherjee, a close aide of West Bengal minister Partha Chatterjee.

ED Prepares Record Of Seized Goods

After the testimony is prepared, the confiscated goods become case property. The testimony is signed by two independent witnesses.

What happens to the cash, jewellery and property that ED seizes?

In the testimony the total amount of money recovered, how many bags are there, how many 200, 500 and other notes are there.

Where the Cash is deposited?

Investigating agencies deposit the seized money in the central government's account with the Reserve Bank of India or the State Bank of India.

Property

Section 5(1) of the PMLA grants the ED the authority to seize the property. The government seizes the property in accordance with section 9 of the PMLA after a court trial.

ED can attach property for 180 days

Under PMLA, the ED can attach a property for a maximum period of 180 days i.e. 6 months. After this the accused gets 45 days to appeal against this action of ED in the higher courts.

Whose property will be, the court takes the final decision

Be it cash or jewelry or property, the court makes the final decision on the confiscated goods. At the start of the trial, the confiscated goods are presented in the court as evidence.

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