Money Laundering in India: A Multi-Dimensional Advent

Abstract

Mahatma Gandhi said, “Capital as such is not evil; it is its wrong use that is evil. Capital in some form or other will always be needed.” Money laundering is a worldwide crime that is committed by everyone, whether in developed or developing nations. The first discusses the history of money laundering, how it is carried out in India, and the openly employed money laundering methods there. The final of the study will discuss how money laundering has affected several industries in India, including the banking sector and many others. This study delves deeply into recent case studies involving money laundering in India. Finally, this article discusses the steps India has taken to implement the anti-money laundering regulations as well as the changes that have been made throughout. Additionally, it investigates the money-laundering methods implemented in India, such as the programs for gold mobilisation. The papers conclude with a few modest recommendations regarding the money laundering practices in India. Money laundering is the process of hiding the genuine source of funds that have been obtained through illegitimate means or criminal activity. Money obtained through illegal means is changed into money that appears to have been earned legally through the process of money laundering. The Paper will also make an effort to shed light on how money laundering affects the economy. The Prevention of Money-Laundering Act, 2002, addresses money laundering in India.