ED on Saturday batted for creation of a National Coordination Agency in order to ensure sharing of information between various investigative and intelligence agencies in the country to help expedite inquiries.
ED Director Karnal Singh, who fielded criticism over delay in probes and low-conviction rate, said the ‘interventions’ need to be kept in mind as the accused in various money laundering and foreign exchange cases are ‘very influential and powerful’ and ‘approach courts at the drop of a hat’ to obtain relief. Addressing the annual 'Enforcement Day' conference here, he said the agency has attached assets worth Rs 2,000 crore in the year gone by and has initiated prosecution in 76 cases under the Prevention of Money laundering Act (PMlA).
Similarly, under the Foreign Exchange Management Act (FEMA), the agency has issued show cause notices worth Rs 7,826 crore after conducting final investigations during the same time period.