Enforcement Directorate And Its Functions Under PMLA, 2002

M. Mymoon Elsa, School of Excellence in Law (SOEL), The Tamil Nadu Dr. Ambedkar Law University (TNDALU)

Page: 14-27

ABSTRACT

Establishment of Enforcement Directorate in 1956 for the sole purpose of investigating and prosecuting of cases under the PML is under the administrative control of Department of Revenue for operational purposes. A deadlock has been present between Enforcement Directorate and Insolvency and Bankruptcy Code which even the court finds it as a hurdle to decide and make a balanced approach. The non-empirical research method has been used in this article. The article focuses on the jurisdiction, powers and functions of Enforcement Directorate under Prevention of Money Laundering Act, 2002. It mainly deals with the tussle with the IBC and the cases which enlightens the overriding power of IBC over ED. Enforcement Directorate, though, has been provided with authority to attach the property involved in money laundering and quasi-judicial powers under PMLA, the IBC has the power to set aside the said authority. This article lays out the criticisms and way forwards of ED for the smooth and efficient functioning in the near future.