ED probing criminal proceeds of Rs 2,116 crore acquired from illegal loan apps: Govt

The Directorate of Enforcement (ED) has initiated several cases under the Prevention of Money Laundering Act, where the proceeds of crime were generated and acquired through illegal loan apps, the finance ministry said in a written response to a question in Rajya Sabha on Tuesday.

In these cases, total proceeds of crime amounting to Rs 2,116 crore has been identified, out of which Rs 859.15 crore has been seized by ED under the PMLA, the government informed the Parliament.

Further, assets amounting to Rs 289.28 crore have also been seized under section 37A of the Foreign Exchange Management Act, the finance ministry added to the written answer.