ED attaches houses utility ₹751 crore in Nationwide Usher in probe

Pace immovable houses utility ₹661 crore belonging to AJL had been hooked up in Delhi, Mumbai and Lucknow, YI’s proceeds of crime had been hooked up within the method of fairness stocks.

“Directorate of Enforcement (ED) has issued an order to provisionally attach properties worth ₹751.9 crore in a money-laundering case investigated under the Prevention of Money Laundering Act (PMLA), 2002. Investigation revealed that M/s Associated Journals Ltd (AJL) is in possession of proceeds of crime in the form of immovable properties spread across many cities of India such as Delhi, Mumbai and Lucknow to the tune of Rs. 661.69 crore and M/s. Young Indian (YI) is in possession of proceeds of crime to the tune of Rs. 90.21 Crore in the form of investment in equity shares of AJL,” ED mentioned in its commentary.

The company initiated money-laundering investigation towards Nationwide Usher in at the foundation of procedure issued by means of the courtroom of Metropolitan Justice of the Peace of Delhi then taking cognisance of a non-public criticism vide line dated June 26, 2014.

The ED commentary mentioned on Tuesday that courtroom held that seven accused individuals together with M/s Younger Bharat, prima facie dedicated offences of felony breach of believe u/s 406 of Indian Penal Code, dishonest and dishonestly inducing supply of detail underneath division 420 (dishonest) of IPC, cheating misappropriation of detail u/s 403 and felony conspiracy u/s 120B of IPC.

The courtroom, it added, held that accused individuals hatched a felony conspiracy to procure houses utility masses of Crores of AJL thru a different objective automobile, Younger Indian.

“AJL was given land on concessional rates in various cities of India for the purpose of publishing newspapers. AJL closed its publishing operations in 2008 and started using the properties for commercial purposes. AJL had to repay a loan of ₹90.21 crore to All India Congress Committee (AICC), however AICC treated the said loan of Rs.90.21 Crore as non-recoverable from AJL and sold it for Rs.50 lakh to a newly incorporated company Young Indian without any source of income to pay even ₹50 lakh,” ED mentioned.

“By their action, the shareholders of AJL as well as donors of Congress Party were cheated by the office bearers of AJL and Congress Party,” ED alleged.

The ED probe has open that then buying the mortgage of ₹90.21 crore from AICC, YI demanded both compensation of mortgage or allotment of fairness stocks of AJL to it.

“AJL held an Extraordinary General Meeting (EGM) and passed a resolution to increase share capital and issue fresh shares worth ₹90.21 crore to YI. With this fresh allotment of shares, shareholding of more than 1000 shareholders was reduced to a mere 1% and AJL became subsidiary company of YI. YI also took control over properties of AJL,” ED mentioned on Tuesday.