The Enforcement Directorate (ED) has issued an order to temporarily attach assets worth crores of rupees of Associated Journals Limited (AJL). This action has been taken by ED in the money laundering case. Under which assets worth Rs 751.9 crore have been attached.
Let us tell you that the agency has already interrogated Sonia and Rahul Gandhi in this matter. The Central Investigation Agency said that among the seized assets, AGL has properties in many places including Delhi, Mumbai and Lucknow. Its total price is Rs 661.69 crore. ED said that the value of Young India’s property is Rs 90.21 crore.
Congress leader called this action inspired by elections
ED has issued an order to provisionally attach properties worth Rs. 751.9 Crore in a money-laundering case investigated under the PMLA, 2002. Investigation revealed that M/s. Associated Journals Ltd. (AJL) is in possession of proceeds of crime in the form of immovable properties…
— ED (@dir_ed) November 21, 2023
The Congress leader has targeted BJP on this action of ED. Abhishek Manu Singhvi wrote on
PMLA action can take place only as a result of a predicate or principal offence. There is no transfer of any immovable property. There is no movement of money. There is no proceeds of crime. In fact, there is no complainant who claims to have been defrauded: not a single one!!
‘Such actions cannot prevent BJP’s defeat’
He further wrote, this is a pre-built structure of deceit, lies and falsehood by and for the BJP to divert attention in the midst of elections. None of the BJP’s alliance partners – CBI, ED or IT – can prevent the BJP’s imminent defeat.
What is the matter?
The ED initiated the money-laundering investigation based on the procedure issued by the court of Metropolitan Magistrate of Delhi after taking cognizance of a private complaint vide order dated June 26, 2014. During this, the court admitted that seven accused including Young India had prima facie committed criminal breach of trust under section 406 of IPC, criminal conspiracy under section 403 of IPC and criminal conspiracy under section 120B, cheating and dishonestly obtaining property under section 420 of IPC. Inducing delivery, dishonest misappropriation of property have been committed.
The court held that the accused persons had hatched a criminal conspiracy to acquire assets worth hundreds of crores of rupees of AJL through a special purpose vehicle, M/s Young Indian. M/s AJL was given land at concessional rates in many cities of India for the purpose of publishing newspapers. AJL shut down its publishing operations in 2008 and began using the properties for commercial purposes. AJL had to repay a loan of Rs 90.21 crore to Congress.
However, AICC considered the loan of Rs 90.21 crore from AJL as non-collectible and sold it to a newly incorporated company, M/s Young Indian, for Rs 50 lakh without any source.
