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

Chief Justice Surya Kant of India has expressed concern over the vast amounts of money laundering occurring globally, stating that the world launderes enough money to buy a laptop for every one of the eight billion people on the planet. Speaking at the 43rd International Symposium on Economic Crime in London, the Chief Justice noted that the Indian judiciary has taken proactive steps to address emerging fraudulent schemes, such as digital arrest scams, instead of relying on Parliament to act.

Referring to the Insolvency and Bankruptcy Code, 2016, the Chief Justice highlighted that civil recovery measures are increasingly used even when criminal trials take longer to complete. He also emphasized that, despite the scale of money laundering, authorities are only able to recover a fraction of the laundered funds, with less than one unit in a hundred being recovered.

Additionally, the Chief Justice warned about the growing threat of digital arrest scams, where fraudsters impersonate law enforcement officials to steal money from unsuspecting citizens, and directed the government to evaluate the extent of this issue and consider establishing new offences with proportionate penalties.