In Modi rule, ED’s performance improves drastically

attached property worth Rs 29,468.31 crore. Better functioning of the ED has made the lives of criminals involved in hawala and finance- related crimes difficult, say experts.

The performance of the ED under FEMA’s mandate has also improved. As per the agency’s data, from January 2005 to March 2012, the ED initiated investigation in 5,823 cases, but issued show cause notices (SCNs) in only 1,560 cases. In 2017-18, the ED initiated investigation under FEMA in 3,627 cases, out of which the directorate completed the adjudication process in 868 cases.

The strength of staff members, however, is still low against the total sanctioned posts, but in the past couple of years, the ED has inducted a comparatively high number of staff.

In 2014, when the Modi government came to power at the Centre, the total number of staff was 691 against the sanctioned capacity 2,064. This number has now reached 1,005.

Initially tasked with enforcing PMLA and FEMA, the ED has now been given the responsibility of enforcing the Fugitives Economic Offenders law 2018, which gives the government powers to confiscate the property of fugitive economic offenders, both within and outside India. The ED can probe whether or not the property has been purchased from proceeds of crime. It also covers a wide array of white collar offences that can lead to an individual being classified as an economic offender.

The Modi government’s zeal to counter and curb black money in the country has led to the transformation of the ED, say experts.

The ED has been on the forefront of many high-profile investigations, including the recent Rs 12,636 crore fraud at the Punjab National Bank, allegedly involving jewellers Nirav Modi and Mehul Choksi. The agency has also been probing fugitive liquor baron Vijay Mallya in the Rs 9,000 crore Kingfisher Airlines scam in August 2017.

The ED’s crackdown is not limited to individuals from the field of business. Many political leaders, too, have been facing the brunt of the ED’s action.

Among the prominent cases, ED’s is probing Karti Chidambaram, son of former Finance Minister P. Chidambaram, in an ongoing PMLA case against him in the Aircel-Maxis deal. The agency has been probing the aspect of Foreign Investment Promotion Board (FIPB) approvals in the Aircel-Maxis foreign direct investment case, which were granted in 2006 when P. Chidambaram was Finance Minister.

Former Bihar Chief Minister Lalu Yadav is another political heavyweight who is facing an ED probe. The ED is also probing the former chairman of the Indian Premier League, Lalit Modi under FEMA, for having allegedly told selective bidders how much to bid in order to win during the first IPL team auction in 2008.