New Delhi. At present, only two things are going on in the headlines, the ED’s swift action and India’s tremendous performance in the Commonwealth. More than Rs 50 crore in cash was recovered during raids at the house of Trinamool Congress leader Partha Chatterjee and his lady friend Arpita Mukherjee in West Bengal. Along with this, more than five kg of gold and silver ornaments were also seized. You must have apparently seen that mountain of notes too. Now imagine that you and our house do not get as much waste paper as 500 and 2000 notes came out from Arpita Mukherjee’s flats. These pictures of piles of notes also became very viral on social media. But seeing such huge bundles of notes, you must also be thinking that man, what will happen to so much money, what does the ED do after confiscating them and what is done with the ornaments that are recovered? This question is also bound to come in your mind. In this news, we solve your doubts and tell you what happens to so much money and where does this lot of gold recovered.
Many things have been recovered in the ED raid. In these, paper documents, cash and other valuables like gold and silver ornaments can be found. First of all prepares Panchnama of the things seized in the raids of ED. Panchnama makes the investigating agency’s IO i.e. Investigating Officer. The Panchnama is signed by two independent witnesses. Along with this, the signatures of the person whose goods are confiscated are also taken. After the creation of Panchnama, the confiscated goods become case property. First, a panchnama of the seized cash is prepared. In the Panchnama, it is mentioned that the total amount of paise recovered, how many bundles are there, how many 200 and 500 or other notes are there.
In the seized cash, if there is any mark on the note, something is written or if the note is in the envelope, then it is deposited with the investigating agency, so that it can be presented as evidence in the court, besides the remaining money is deposited by the investigating agencies. It is deposited in the account of the Central Government in the Reserve Bank or State Bank of India. If there is a need to keep some money, then the agency keeps it with it by internal order till the completion of the trial of the case.
If we talk about the property, then the ED has the right to attach the property under section 5(1) of the PMLA, if the confiscation of the property is proved in the court, the government takes possession of this property under section 9 of the PMLA. Under PMLA, the ED can attach a property for a maximum period of 180 days i.e. 6 months. If by then the ED is not able to legalize the attachment in the court, then after 180 days the property itself is released.
If the ED proves the attachment of the property within 180 days in the court, then the government takes possession of the property. After this the accused gets 45 days to appeal against this action of ED in the higher courts. It is a matter of cash and property, but what does the ED do with this glittering gold? In fact, if the ED recovers gold and silver, jewelry and other valuables, then it also makes Panchnama. The Panchnama contains complete information about how much gold, jewelry or valuables he has got. Seizing gold and silver ornaments and other valuables, the ED deposits them in the government warehouse or store house. But you will probably be surprised to know that many times it has happened that luxury vehicles have also been recovered in raids by the ED, so till they are auctioned on the orders of the court, the ED has to pay the cost of their parking from their pocket. .