Chief Justice of India Surya Kant has raised concerns about the scale of money laundering and fraudulent schemes, such as the rising issue of digital arrest scams. He emphasized the need for a proactive response from the Indian judiciary during his closing address at the 43rd International Symposium on Economic Crime in London on Saturday.
Global Money Laundering
Speaking on the global scale of money laundering, Surya Kant stated that the world launders enough money annually to purchase a laptop for each of the eight billion people on the planet. He remarked,
“"If global estimates on money laundering are true, the world launders enough money in a single year to buy every one of the eight billion people a modest laptop and still have some change left over."
The Chief Justice highlighted that while the Insolvency and Bankruptcy Code, 2016 runs alongside criminal proceedings, the Indian justice system has increasingly allowed for civil recovery, even when criminal trials are prolonged. He noted that of the Rs 100 laundered, authorities manage to recover only Rs 1.
