ED seizes TMC’s draft worth Rs 10.29 crore as investigation into Alchemist Group intensifies

New Delhi: Taking a tough stance, Enforcement Directorate Raising the issue of legal hurdles coming in the way of the agency on Friday, its chief Rahul Naveen questioned the proposal that investigation into money laundering crime should not proceed until the trial in the predicate crime case is over.“Of course, there are legal challenges before the courts, the most important being whether the trial in money laundering cases should be put on hold until the trial in the exponential crime case concludes or continued on a standalone basis in line with international standards and Financial Action Task Force guidelines,” the ED chief said.His remarks on the occasion of the 70th Foundation Day of the agency and in the presence of Minister of State for Finance, Pankaj Chaudhary, are likely to intensify the debate on whether investigation of money laundering crime should necessarily be based on the predicate offence; It is the crime that generated the money that was laundered, or given the prevalence of money laundering it has an independent existence.This matter is in an area of ​​ambiguity because while the Supreme Court in the Vijay Madanlal Chaudhary case had linked money laundering investigation to the predicate offence, there are High Court judgments which have recognized money laundering as a standalone offence.Naveen said that despite success in achieving a conviction rate of 94%, ambiguity is hindering the work of the ED. In his remarks, Additional Solicitor General SV Raju, who represents the agency in constitutional courts, agreed with the ED director.The ED chief also expressed confidence that the agency will maintain its “strike” in over 2,400 cases pending before the trial court, thereby seizing a huge amount as proceeds of crime. The ceremonies were significant in that they demonstrated government solidarity with an agency that has been accused of being an instrument of political vendetta.“Over the past few years, ED has been the subject of widespread public discussion. There exists an ecosystem in the country that sees a problem in every solution. No matter what you do, such people will inevitably start finding fault in it. In fact, ever since Modiji took over the leadership of the country in 2014 and started taking tough decisions in the national interest, the foundation of this ecosystem has been shaken,” the junior finance minister said.Speaking on ED’s legal challenges, SV Raju said the current understanding of law is that the predicate offense is like an “umbilical cord” to the money laundering offence, but, he stressed that the acquittal of an accused or a closure report filed in a predicate offense should not end the ED’s investigation as the agency can always share new evidence and challenge the verdict as an “aggrieved” party.Later, the award distribution ceremony was attended by two assistant director rank officers of ED – Vikram Ahlawat and Prashant Chandila – among others, who received their commendation certificates.Ahlawat and Chandila were part of the search of political consultancy firm I-PAC in Kolkata on January 8. CM Mamata Banerjee and her senior police officers obstructed the search.