World launders enough money to buy a laptop for every person on earth: Chief Justice Surya Kant

Chief Justice of India Surya Kant has warned that the world laundered enough money to purchase a laptop for every one of the eight billion inhabitants. This alarming revelation was made during his closing address at the 43rd International Symposium on Economic Crime held in London. Kant emphasized the proactive stance of the Indian judiciary in tackling emerging fraudulent schemes, such as the digital arrest scam, rather than relying on legislative action alone.

He highlighted the Insolvency and Bankruptcy Code, 2016, as a crucial tool that complements criminal proceedings and allows for civil recovery even when criminal trials are lengthy. Kant also acknowledged that India's success in recovering illicit wealth often falls short, with authorities typically recovering only a fraction of the laundered funds.