Pankaj Mishra involved in an investigation filed by the AML Watchdog ed. This investigation was regarding the illegal money laundering activities.
WHAT IS DIRECTORATE OF ENFORECEMENT?
The Directorate of Enforcement is a multi-disciplinary organization mandated with investigation of offence of money laundering and violations of foreign exchange laws. The statutory functions of the Directorate include enforcement of the following: Prevention of Money Laundering Act,2002, Foreign Exchange Management Act,1999, Fugitive Economic Offenders Act,2018, Foreign Exchange Regulation Act,1973 and Sponsoring agency under COFEPOSA.
WHAT IS PREVENTION OF MONEY LAUNDERING ACT?
An Act to prevent money-laundering and to provide for confiscation of property derived from, or involved in, money-laundering and for matters connected therewith or incidental thereto. Whosoever directly or indirectly attempts to indulge or knowingly assist or knowingly is a part or is actually involved in any process or activity connected with the proceeds of crime and projecting it as untainted property shall be guilty of offence of money-laundering.
How does Money Laundering Work?
Money laundering plays a major role for the criminal organization to curb the illegal activities that are taking place. To deal with the huge amount of cash is regarded as dangerous. The criminals are searching different ways to deposit there money in the legitimate financial institutions.
There are number of ways to launder money from a very simple to complex thing. Smurfing is regarded as one of the common form of money laundering. In smurfing the criminals distributes the large number of cash. The Money Laundering can be fulfilled by using the different type of currency exchanges.
ABOUT Pankaj Mishra CASE
ED initiated money laundering investigation under PMLA on the basis of FIR registered by Barharwa Police Station, Sahebganj District, Jharkhand. At was taken under various sections of IPC, 1860 against Pankaj Mishra, Bachhu Yadav and Prem Prakash.
ED has filed a Prosecution Complaint before the Hon’ble Special Court at Ranchi. 47 searches were conducted throughout India on several dates during investigation. Cash amounting to Rs. 5.34 Crore, bank account with balance Rs. 13.32 Crore, inland vessel MV Infralink, 5 stone crushers, and 2 Hyva trucks were seized. Besides this incriminating documents along with 2 AK 47 Assault Rifles were seized. ED had arrested Pankaj Mishra on 19/07/2022, Bachhu Yadav on 04/08/2022, Prem Praksh on 25/08/2022 and presently are in judicial custody.
Later, several FIRs regarding illegal mining lodged under IPC, Explosive substances Act, Arms Act also have been taken into ambit of scheduled offence. ED has identified proceeding of crime relating to illegal mining to be more than Rs. 100 Crore in this case.
The investigation revealed that Pankaj Mishra enjoys political clout, being the representative of the Chief Minister, MLA from Barhait , Sahebganj, Jharkhand. He controls the illegal mining businesses as well as inland ferry services in Sahebganj and its adjoining areas through his accomplices. He also has considerable control over mining of stone chips and boulders as well as installation and operations of several crushes, set up at various mining sites. Proceeds of crime amounted to almost Rs. 42 Crore were acquired from Pankaj Mishra.
