Balance enforcement action with individual rights: ED director

New Delhi, Dec 6 (PTI) ED Director Rahul Navin has asked agency officials to balance enforcement action with individual rights even as he asked them to focus on "high-impact" cases that pose a larger threat to national security and financial systems.

He said this during the two-day quarterly conference of zonal officers of the Enforcement Directorate (ED) that concluded on Saturday in Gujarat's Kevadiya.

During the conference, it was highlighted that identification of high-impact cases that pose a greater threat to financial systems and national security is essential, an official statement said.

The discussions emphasised the need for a "robust" mechanism to collect evidence and adapt to evolving crime patterns, particularly in areas such as money laundering, human trafficking and drug trafficking, it said.

The officials of the federal probe agency discussed various typologies of offences, including FDI (foreign direct investment) violations, misuse of Global Depository Receipts (GDRs), and the use of cryptocurrency for remittances.

It was also stressed that the processes to track fugitives should be further "strengthened", as per the statement.

The "productive" use of legal instruments such as Proclaimed Offender (PO) proceedings, Fugitive Economic Offender (FEO) declarations, Red Notices of the Interpol and extradition processes was highlighted during the meeting, the statement said.

"The director, ED stressed the importance of balancing enforcement with individual rights," it said.

Officials also deliberated on the need to address various modes of "misuse" of the IBC (Insolvency and Bankruptcy Code) framework such as backdoor asset acquisition, manipulation of the Committee of Creditors (COC), and undisclosed profit transactions.

The ED director stressed the need for "thorough" investigations into fraudulent transactions and the strict enforcement of IBC provisions.

A special session was held on the BAANKNET platform and its potential for ensuring transparent and efficient auctions and disposal of seized and confiscated assets, the statement said.

The platform is made for Indian banks to sell non-performing assets (NPAs). It was discussed that in order to fast-track investigations, digital gadgets and forensic software, including cyber forensic tools should be utilised and on capacity building through officer training and establishment of regional labs.

The meeting also discussed ways to better tackle black money cases registered by the income tax department through "improved" coordination between the two agencies.

The ED, which functions under the Union finance ministry, enforces the criminal provisions of the Prevention of Money Laundering Act (PMLA), the Fugitive Economic Offenders Act (FEOA) and the civil sections of the Foreign Exchange Management Act (FEMA). PTI NES SKY SKY