New Delhi: India’s pursuit of financial crime has earned global acclaim, with the Financial Action Task Force (FATF) citing several cases as models of effective asset recovery in its new global guidelines.
The Paris watchdog’s latest report, Asset Recovery Guidance and Best Practices, released on Wednesday, shows India’s success in tracking, freezing and recovering illicit wealth, from massive investment scams to cryptocurrency scams, under the Money Laundering Prevention Act and the Fugitive Economic Offenders Act.
The FATF is an intergovernmental body that sets global standards and formulates policies to combat money laundering, the financing of terrorism and the financing of weapons of mass destruction.
India’s Enforcement Directorate (ED) played an active role in shaping the updated framework, FATF said in its latest report.
“Under the Prevention of Money Laundering Act (2002), an officer authorized by an order issued under the Act can seize property without any prior court order and also issue an order freezing the property where it is not practical to seize it,” the FATF report said.
According to the latest FATF report, the agro gold scam stands out among the highlighted cases, with coordinated efforts between the ED and the Andhra Pradesh Police helping to recover ₹60 billion ($690 million) for victims of investment fraud.
The FATF also praised India’s swift handling of technology-driven crimes. In the BitConnect Ponzi Scheme, the watchdog pointed out that investigators seized cryptocurrencies worth ₹16.46 billion ($190 million) and attached other assets worth ₹4.89 billion ($56 million), keeping digital holdings in a cold wallet to preserve value.
The report also drew attention to India’s cooperation with foreign authorities. The FATF cited the Banmeet Singh case in which India acted on a US request related to drug smuggling and money laundering and seized 268 bitcoins worth ₹1.3 billion ($29 million) and attached properties worth $1.1 million.
Indian cases such as Rose Valley and Pen Urban Cooperative Bank were also considered examples of victim-centered restitution.
In the first case, the attached assets in value ₹5.38 billion (US$62.8 million) was used to reimburse more than 75,000 investors, while in the second case ₹2.9 billion ($33.2 million) in benami properties were handed over to government authorities to compensate depositors.
The new FATF framework expands asset recovery beyond confiscation, urging countries to adopt measures such as unexplained wealth orders, seizure without conviction and early freezing powers, while ensuring transparency and due process.
It also commended India for helping to steer the global body’s approach towards more practical cooperation mechanisms for faster cross-border asset recovery.
