New Delhi [India], November 5 (ANI): In a strong endorsement of India’s efforts to combat financial crimes, the Financial Action Task Force (FATF), a globalterror funding watchdog, has cited multiple examples from the country in its latest publication, and recognized the Enforcement Directorate’s role in setting operational benchmarks for global asset recovery.
The latest publication of FATF namely “Asset Recovery Guidance and Best Practices”, showcases India’s effective framework for tracing, seizing, and returning assets derived from criminal activities.
The FATF report, which follows the most extensive reform of standards on confiscation and international cooperation in over three decades, provides a comprehensive roadmap for jurisdictions to strengthen their asset recovery systems.
India’s examples, drawn from ED investigations, illustrate “how robust legal tools and coordinated enforcement can ensure justice for victims and uphold financial integrity.”
Among the highlighted cases is an alleged investment fraud, where coordinated action between the ED and Andhra Pradesh Police led to the attachment and restoration of assets worth Rs 60 billion to victims.
The guidance also references another case, in which immovable properties worth Rs 17.77 billion, equivalent to proceeds of crime transferred abroad, were attached under the Prevention of Money Laundering Act (PMLA).
These cases demonstrate India’s effective use of value-based confiscation.
The guidance cites India’s Fugitive Economic Offenders Act, 2018 as a model example of the “doctrine of fugitive disentitlement,” enabling confiscation of properties belonging to offenders evading judicial processes. It also notes ED’s proactive measures in a Ponzi Scheme case, where cryptocurrencies worth Rs 16.46 billion were seized and secured, alongside other assets worth Rs 4.89 billion.
Under the section on international cooperation, FATF highlights the a case related to a drug trafficking group, an example of collaboration between India and the United States in tackling drug trafficking and money laundering. Acting on a mutual legal assistance request, ED seized 268.22 bitcoins valued at Rs 1.3 billion and attached other assets worth over USD 1 million, later filing a prosecution complaint for confiscation.
The guidance further commends India’s victim-centric approach in asset return. In a chit-fund related case, assets worth Rs 5.38 billion were released to reimburse more than 75,000 investors through a High Court constituted Asset Disposal Committee. Similarly, in the a case related to a Cooperative Bank, attached properties valued at Rs 2.9 billion were transferred to the Maharashtra Protection of Interest of Depositors authority for compensation to victims.
India’s legislative framework under the PMLA and the Fugitive Economic Offenders Act has been recognized as a “comprehensive model supporting efficient asset recovery and management.”
FATF also appreciated India’s use of technology, financial data analytics, and inter-agency coordination between law enforcement, financial intelligence, and tax authorities.
Through consistent participation in FATF working groups and plenary sessions, India represented by the Directorate of Enforcement has contributed to shaping the revised global standards.
The inclusion of multiple Indian cases in the FATF guidance underscores the country’s growing leadership in promoting transparency, accountability, and victim-oriented asset recovery mechanisms.
The “Asset Recovery Guidance and Best Practices” serves as a global reference for strengthening legal and operational systems against financial crimes, with India’s examples demonstrating how effective enforcement and inter-agency coordination can deliver real-world impact. (ANI)
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