ED Seizes Assets Valued at Rs 751.9 Crore in National Herald Investigation

ED Seizes Assets Valued at Rs 751.9 Crore in National Herald Investigation

VoM News Desk | November 21, 2023 | 09:09 PM IST | Crime | Follow on Google News

ED Seizes Assets Valued at Rs 751.9 Crore in National Herald Investigation

ED Seizes Assets Valued at Rs 751.9 Crore in National Herald Investigation

The Enforcement Directorate (ED) has taken significant action against Associated Journals Limited (AJL) and Young Indian (YI) by provisionally attaching properties valued at Rs. 751.9 Crore. This step comes as part of a money laundering investigation under the Prevention of Money Laundering Act (PMLA), 2002.

Key points from the ED’s investigation:

1. Assets Involved: AJL reportedly holds immovable properties in various Indian cities, including Delhi, Mumbai, and Lucknow, collectively valued at Rs. 661.69 Crore. YI is in possession of assets amounting to Rs. 90.21 Crore in the form of equity shares in AJL.
2. Court Proceedings: The investigation was initiated following a court’s cognizance of a private complaint. The court identified potential offences by seven accused, including YI, under various sections of the IPC.
3. Acquisition of AJL Assets: The ED’s release suggests that the accused conspired to acquire AJL’s properties, initially granted for newspaper publishing, through Young Indian, a special purpose vehicle.
4. Loan from AICC: AJL’s debt to the All India Congress Committee (AICC), amounting to Rs. 90.21 Crore, was marked non-recoverable and sold to YI for Rs. 50 lakhs. The ED’s release indicates that this transaction resulted in the shareholders of AJL and donors of the Congress Party being cheated.
5. Shareholding Shift in AJL: YI, after acquiring AJL’s loan, demanded repayment or equity shares in AJL. Subsequently, AJL increased its share capital, issuing new shares to YI. This transaction significantly diluted the stakes of over 1000 shareholders in AJL, effectively making it a subsidiary of YI and transferring control of AJL’s properties to YI.

The ED continues its investigation to unravel further details of this complex case.

VoM News Desk

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