The Enforcement Directorate or ED has seized provisionally properties
worth Rs 751.9 crore in a money-laundering case in the National Herald case.
The Young Indian, linked to the Gandhi family, had been under the ED radar
over charges of acquiring the AJL, publisher of the National Herald newspaper,
and its assets for a “pittance” against an alleged loan extended by the
Congress.
Reacting to the ED’s move, the Congress targeted the BJP, saying it
“reflects their desperation to divert attention from certain defeat in the
ongoing elections in each State”.
A spokesperson for the ED said, “Investigation has revealed that Associated
Journals Ltd 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 Young Indian 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.”
The central probe agency commenced the money-laundering inquiry after a
Delhi court took cognizance of a private complaint dated June 26, 2014.
“The Hon’ble Court held that seven accused persons including Young India,
prima facie committed offences of criminal breach of trust under the IPC
Section 406 (breach of trust) 420 (cheating), 403 (dishonest misappropriation
of property) and 120-B (criminal conspiracy). The Hon’ble Court held that the
accused persons hatched a criminal conspiracy to acquire properties worth
hundreds of crores of AJL through a special purpose vehicle, M/s Young Indian,”
stated the spokesperson.
As per the ED, 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 Rs 90.21 crore
to All India Congress Committee.
However, AICC treated the 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 Rs 50 lakh. 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,” informed the spokesperson.
“Investigation has revealed that after purchasing the loan of Rs 90.21
crore from AICC, YI demanded either repayment of loan or allotment of equity
shares of AJL to it. AJL held an Extraordinary General Meeting (EGM) and passed
a resolution to increase share capital and issue fresh shares worth Rs 90.21
crore to YI.
With this fresh allotment of shares, shareholding of more than 1000
shareholders was reduced to a mere 1 percent and AJL became a subsidiary
company of YI. YI also took control over properties of AJL,” stated the ED
spokesperson.
NE Watch Desk
