Delhi, November 22 (HS): The Enforcement Directorate (ED) has taken control of assets valued at Rs751 crore belonging to Associated Journals Limited (AJL) and Young Indian (YI) in connection with a money laundering investigation related to the affairs of the Congress-run National Herald newspaper.
Under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, the ED has issued an order for the provisional attachment of properties worth Rs751.9 crore. The investigation uncovered that Associated Journals Ltd (AJL) holds proceeds of crime in the form of immovable properties located in several Indian cities, including Delhi, Mumbai, and Lucknow, amounting to Rs661.69 crore. Additionally, Young Indian (YI) possesses proceeds of crime totaling Rs90.21 crore in the form of equity investments in AJL.
This investigation into National Herald was initiated following a private complaint, which the court acknowledged. The court determined that seven individuals, including Young India, had committed various offenses such as criminal breach of trust, cheating, dishonest misappropriation, and criminal conspiracy.
It was revealed that these accused individuals had conspired to acquire properties worth hundreds of crores belonging to AJL through a special purpose vehicle, Young Indian. The ED’s actions have drawn criticism from the Congress party, which has labeled them as a “petty vendetta tactic.”
Report by Indrani Sarkar, Hindusthan Samachar
Credit: Hindusthan Samachar