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CI Surya Kant in Cambridge during a seminar on economic crime (Img: X)
New Delhi: Chief Justice of India (CJI) Surya Kant has highlighted the massive challenge posed by global money laundering, saying authorities worldwide recover less than ₹1 for every ₹100 involved in illicit financial activities.
Speaking at the 43rd International Symposium on Economic Crime in Cambridge, CJI Surya Kant said sophisticated methods used by economic offenders and weak international cooperation have made it difficult for agencies to track and recover illegal wealth.
The CJI said the scale of money laundering across the world is enormous, comparing the estimated amount of illegal wealth generated annually to a sum large enough to provide every person on Earth with a basic laptop.
He pointed out that despite extensive investigations and compliance systems, the recovery of illicit assets remains extremely limited.
“Of that immense tide of illicit wealth, by the most generous reckoning, less than one unit in a hundred is ever recovered,” CJI Surya Kant said.
Highlighting the challenges faced by enforcement agencies, the CJI said criminals involved in financial crimes continue to adopt advanced techniques to hide and move illegal funds across borders.
He stressed that stronger international coordination and cooperation are needed to effectively tackle the problem.
During his address, CJI Surya Kant referred to ancient Indian strategist Kautilya’s Arthashastra, saying it had recognised centuries ago that officials handling state resources could be vulnerable to corruption.
He noted that Kautilya advocated measures such as audits, cross-checks and confiscation to prevent misuse of public funds.
The CJI also spoke about India’s efforts to combat economic offences through legal frameworks and international agreements.
However, he said asset recovery and extradition processes continue to face challenges despite cooperation mechanisms between countries.
India has been pursuing extradition cases involving businessmen such as Vijay Mallya and Nirav Modi in connection with alleged financial fraud cases. Both remain in the United Kingdom as legal proceedings continue.
CJI Surya Kant said the fight against money laundering requires greater collaboration among nations, stronger enforcement mechanisms and improved systems to ensure that criminals do not benefit from illegal wealth.
He emphasised that recovering stolen assets remains one of the biggest challenges in the global fight against economic crime.
