ED's Conviction Rate: Under the Spotlight

The Enforcement Directorate (ED) has filed 6,312 cases in over a decade, resulting in only 120 convictions, amounting to a mere 0.01% conviction rate. Post-amendment of PMLA in 2019, 93 closure reports were filed in Special Courts. Financial assets and liabilities of households have significantly changed, especially post-pandemic.

In a report to Parliament on Monday, it was revealed that the Enforcement Directorate (ED) has filed 6,312 cases in the past 11 years and 7 months, leading to only 120 convictions, translating to a conviction rate of just 0.01 percent.

The Minister of State for Finance, Pankaj Chaudhary, explained that after a 2019 amendment to the PMLA, ED is required to file a Closure Report before a Special Court when cases show no evidence of money-laundering. Since this change, 93 closure reports have been submitted.

On the financial front, Chaudhary also informed that household financial assets have escalated from Rs 228.7 lakh crore in 2021 to an expected Rs 352.6 lakh crore by 2025, while liabilities have seen a remarkable rise, signaling a reliance on borrowings post-COVID-19.

(With inputs from agencies.)