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ED Meeting: In the ED meeting held in Kevadiya, Gujarat, strict decisions were taken to tighten the noose on economic criminals, use of AI and digital tools, return of fugitives, cryptocurrency and misuse of IBC. Orders have also been given to dispose of old FERA cases soon. Help will be taken from the Income Tax Department to take action against illegal foreign assets.
Ahmedabad. The Enforcement Directorate (ED) is now in a more aggressive mood than before. Major decisions were taken in the two-day meeting held in Kevadiya, Gujarat. The agency has made it clear that economic offenders will not be spared. Now Artificial Intelligence (AI) and digital tools will be used instead of old methods for investigation. Officials have received strict instructions in the 33rd zonal conference chaired by the ED director. The focus is on giving priority to cases that harm the country’s economy and security. The process of bringing back fugitives and confiscating their property will also be speeded up. The agency will now work in high-tech.
Criminals will be caught with AI and digital tools: ED will now take the help of modern technology to make the investigation fast and accurate. In the meeting, emphasis was laid on using national and international databases. Officials have been asked to adopt forensic tools and techniques like OSINT. Suspicious transactions and networks will be detected using artificial intelligence. The methods of money laundering and human trafficking are constantly changing. There will be more focus on digital evidence to break the drug smuggling network. Now criminals will not be able to hide behind technology.
Tightening the noose on fugitives and cryptocurrencies: ED has made a special plan against economic criminals who flee the country. In the meeting, it was asked to strictly follow the Fugitive Economic Offender Act. The process of red notice and extradition will be expedited. The objective is clear that the fugitives should be brought to India and made to face the law. Apart from this, people sending money through cryptocurrency will also be monitored. Those who violate FDI rules also do not fare well. The officials also discussed the misuse of the GDR. The agency will now scan every suspicious foreign transaction.
The game will not continue under the cover of bankruptcy law: ED is very strict on misuse of Insolvency and Bankruptcy Code i.e. IBC. It has often been seen that people buy their own property at a lower price through the backdoor. Or they manipulate the Committee of Creditors. Such cases will now be investigated in depth. Along with this, the auction of seized properties will be transparent. For this, emphasis was laid on increasing the use of BAANKNET platform. So that there is no disturbance in the bidding process. Orders have also been given to dispose of old FERA cases soon. Help will be taken from the Income Tax Department to take action against illegal foreign assets.
