During the ongoing election season, the Enforcement Directorate (ED) has taken a significant step by provisionally attaching assets worth Rs 751.90 crore in a money laundering case involving the Congress-affiliated National Herald and associated entities. The investigation revealed that Associated Journals Ltd (AJL), the publisher of National Herald, possesses proceeds of crime in the form of immovable properties valued at Rs 661.69 crore across cities like Delhi, Mumbai, and Lucknow. Young Indian, which owns National Herald, is found to have proceeds of crime amounting to Rs 90.21 crore in the form of equity shares in AJL. This move by the ED has drawn a strong reaction from the Congress party.
The National Herald is linked to Congress leaders Sonia Gandhi and Rahul Gandhi, who hold a combined majority stake of 76% in Young Indian. The ED’s action coincides with elections in several states, including Chhattisgarh, Madhya Pradesh, Rajasthan, Telangana, and Mizoram. The Congress party has condemned the ED’s move, alleging that it reflects the Bharatiya Janata Party’s (BJP) desperation to divert attention from what the Congress claims to be an impending defeat in the ongoing state polls. Party spokesperson Abhishek Singhvi characterized the ED’s actions as a strategic ploy to distract and mislead during a critical electoral period.
The money-laundering investigation originated from a court order by the Metropolitan Magistrate of Delhi, who took cognizance of a private complaint. The court found seven accused, including Young Indian, guilty of offenses under various sections of the Indian Penal Code (IPC). The ED’s provisional order now awaits approval from the adjudicating authority of the Prevention of Money Laundering Act (PMLA).
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