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Finance Ministry agencies confiscate immovable properties worth Rs 1.11 trn in 6 years

Finance Ministry agencies confiscate immovable properties worth Rs 1.11 trn in 6 years

| @indiablooms | 22 Mar 2023, 09:09 pm

New Delhi: The enforcement agencies under the Finance Ministry have seized immovable assets worth around Rs 1.11 trillion during the last six years, the ministry informed Parliament.

According to the Finance Ministry, various central agencies under its purview such as the ED, DRI, and Income Tax Department have attached immovable properties worth Rs 10,683 crore in the ongoing fiscal year, through 204 cases from 2017-18 till January 31, 2023. Furthermore, in the fiscal year 2021-22, these agencies attached immovable properties worth Rs 19,832 crore through 1,657 cases.

In a written response to the Rajya Sabha on Tuesday, Minister of State for Finance Pankaj Chaudhary stated that when properties are seized by the CBDT and CBIC, they are often challenged in court, and until a decision is reached by the court, the properties cannot be sold or disposed of.

According to information provided to the Rajya Sabha, the Enforcement Directorate has managed to secure the confiscation of proceeds of crime worth Rs 15,619.56 crore and has restituted assets worth Rs 15,113.91 crore to public sector banks in the past five years, from February 1, 2018, to January 31, 2023.

The SBI-led consortium of banks has realized Rs 7,975.27 crore by selling assets that were handed over to them by the Directorate of Enforcement.

In the fiscal years 2018-19, 2019-20, and 2020-21, agencies under the Finance Ministry attached immovable properties worth Rs 26,368 crore, Rs 34,116 crore, and Rs 16,949 crore, respectively.

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