A major crackdown on crypto related offences has led to the attachment of proceeds of crime worth ₹4,189.89 crore and the declaration of one accused as a Fugitive Economic Offender. This update was shared in Parliament on Monday by the government.
The Enforcement Directorate has been investigating several crypto related cases under the Prevention of Money Laundering Act. As part of these actions, the agency has attached, seized, or frozen assets worth ₹4,189.89 crore. It has also arrested 29 persons and filed 22 prosecution complaints in different cases. One of the accused has been declared a Fugitive Economic Offender.
In addition to this, the Central Board of Direct Taxes has detected undisclosed income of ₹888.82 crore linked to transactions in virtual digital assets during search and seizure operations.
Minister of State for Finance Pankaj Chaudhary, in a written reply in the Lok Sabha, said that the CBDT has sent 44,057 communications to taxpayers who invested or traded in virtual digital assets but failed to report these transactions in Schedule VDA of their Income Tax Returns.
The government has also brought virtual digital assets under the Prevention of Money Laundering Act to strengthen monitoring and enforcement. Speaking on the regulatory challenges, Mr. Chaudhary said that crypto assets and virtual digital assets are currently unregulated in India, and the government is working on capacity building to improve tracking and investigation of such transactions.
He further highlighted the global nature of crypto transactions. “As crypto assets are inherently borderless, they require strong international coordination to prevent regulatory arbitrage,” he said. He added that any future regulatory framework for crypto assets can be effective only with meaningful international cooperation to assess risks and benefits and to develop common standards.
The latest disclosures reflect the government’s growing focus on tightening scrutiny over crypto transactions and strengthening financial compliance in the digital asset space.
Also read: Viksit Workforce for a Viksit Bharat
Do Follow: The Mainstream formerly known as CIO News LinkedIn Account | The Mainstream formerly known as CIO News Facebook | The Mainstream formerly known as CIO News Youtube | The Mainstream formerly known as CIO News Twitter
About us:
The Mainstream is a premier platform delivering the latest updates and informed perspectives across the technology business and cyber landscape. Built on research-driven, thought leadership and original intellectual property, The Mainstream also curates summits & conferences that convene decision makers to explore how technology reshapes industries and leadership. With a growing presence in India and globally across the Middle East, Africa, ASEAN, the USA, the UK and Australia, The Mainstream carries a vision to bring the latest happenings and insights to 8.2 billion people and to place technology at the centre of conversation for leaders navigating the future.
