Initiative to eliminate legal complications and delays
The main objective of this new structure of the Indian government is to ensure rapid exchange of intelligence information among the BRICS countries. At the beginning of the preliminary investigation of the case, information will be shared in a specific format and strong rules will be made for asset recovery. This proposal to build a mutual network between the investigating agencies has already received a huge positive response at the initial stage, which will now be formally presented at the Summit.
Return of Nirav Modi-Mehul Choksi will be easy
For the past few years, efforts have been made to bring back fugitives like Nirav Modi and Mehul Choksi, accused in a bank fraud of Rs 13,000 crore. Currently, there is a long legal battle going on in the courts of Britain and Belgium in this regard. Since economic crimes are entangled in a complex web of laws and borders of multiple countries, if this new structure is introduced, the investigating agencies will be able to move forward in close contact with each other from the very beginning. As a result, the extradition process of the fugitives will be greatly accelerated.
Stricter surveillance of digital assets and crypto
Modern-day criminals are relying on fintech platforms and virtual digital assets or crypto to evade law and surveillance, which is a major challenge for investigative agencies to track or seize. This new framework has a specific solution to that problem. Earlier, during India's G-20 presidency, the demand for a global model for regulating crypto was also strong. Meanwhile, just before the summit, the Revenue Department has organized a special training in collaboration with the Financial Action Task Force (FATF) at the National Defence University, Gandhinagar from September 7 to 11. The main objective of this workshop, organized with policymakers and law enforcement experts from BRICS countries, is to increase the capacity to deal with financial crimes manifold.