Rs 300 crore found in Dhiraj Sahu IT Raid Case! Where does the money received by ED and CBI go? Understand the complete ABCD.
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Dhiraj Sahu IT Raid Case: Congress Rajya Sabha MP Dheeraj Sahu in Jharkhand and his respective places Income Tax Department (IT Department) is being raided. According to media reports, Rs 300 crore has been counted so far. During the raid, notes were kept in 30 shelves. Machines were also required to count these notes. It is being claimed that the machine got damaged while counting the notes. A team of 40 members of the Income Tax Department conducted group raids in Boudh, Bolangir, Rayagada and Sambalpur of Odisha, Ranchi-Lohardaga of Jharkhand and Kolkata since Wednesday morning. In such a situation, the question arises that what happens to the money seized in raids by the Income Tax Department, ED or CBI. Does all the money get deposited in the government treasury? Then cash is fine. What does the government do with house-property or jewellery? Let us know in this news.
Prevention of Money Laundering Act was implemented in 2019
The Prevention of Money Laundering Act (PMLA) was implemented by the Central Government in the year 2019. In this, action is taken by the Enforcement Directorate (ED) in cases related to wrongful earning of money abroad or wrongful sending of money abroad or halva. Apart from this, the Income Tax Department also has the right to issue notices and conduct raids on suspicion of disproportionate assets. The Central Bureau of Investigation (CBI) also has full authority to seize illegal property during raids. Apart from this, if the code of conduct comes into force during elections, the Election Commission can also confiscate cash if it is kept in excess of the rules. According to a figure, assets worth more than Rs 1.04 lakh crore have been attached since 2019. While hundreds of kilograms of gold and silver jewelery have also been recovered in Pemari. Besides, 400 people have also been arrested. However, so far only 25 people have been convicted in the disproportionate assets case.
what happens to the seized money
The agency can seize illegal property, cash or jewelery during investigation or raid. However, the agency does not have the authority to spend it. The accused is first interrogated about the money, property or jewelery seized by the investigating agencies. In this, the accused has to prove what is the source of the money recovered from him. He has paid tax to the government for this etc. A case is filed on this basis. After conviction in court, central agencies can auction immovable assets like jewellery, vehicles, houses, flats and bungalows. If any other party suffers any loss or is affected in any way due to these matters, then his loss is compensated from the money received in these auctions.
If the allegations are not proved..
The investigating agency is under pressure as per the rules that it has to prove the allegation within six months. If the charges are proved in the court, the confiscated goods go into the government’s account. If the allegation is not proved then the property is returned to the person from whom it was confiscated. In some cases, the court imposes a fine on the accused and returns the property, money or confiscated goods. There is one more important thing in this. If the matter is related to the Central Government then the money is deposited in the account of the Central Government. If the matter is related to the state government, then it is deposited in the account of the state government.
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