 "ED moves to seize Rs 661 crore in National Herald-linked money laundering case")
synopsis
The Enforcement Directorate has issued possession notices for immovable assets worth Rs 661 crore in the National Herald-linked money laundering case involving Associated Journals Ltd (AJL), owned by Young Indian, linked to Congress leaders.
The Enforcement Directorate (ED) has issued notices to take possession of immovable assets worth Rs 661 crore in connection with a money laundering investigation involving Associated Journals Limited (AJL), a company linked to the Congress party.
The properties include Herald House in Delhi, a building in Mumbai's Bandra area, and another in Lucknow. These assets were previously attached by the ED in November 2023 under the Prevention of Money Laundering Act (PMLA) and the attachment was confirmed by the Adjudicating Authority in April 2024.
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The ED's investigation, initiated in 2021, is based on a 2014 complaint by BJP leader Subramanian Swamy. The complaint alleges that Congress leaders, including Sonia Gandhi and Rahul Gandhi, were involved in a criminal conspiracy to misappropriate assets worth over Rs 2,000 crore belonging to AJL.
It is claimed that Young Indian Private Limited, a company in which Sonia and Rahul Gandhi each hold a 38% stake, acquired AJL's assets through fraudulent means.
The National Herald case centers on the acquisition of AJL by Young Indian Private Limited, a company controlled by Sonia and Rahul Gandhi. AJL, established in 1937 to publish the National Herald newspaper, had ceased operations but retained valuable real estate assets.
In 2010, Young Indian was incorporated and subsequently took over AJL's debts and assets. Critics allege that this transfer was executed to gain control over AJL's properties, which were originally allotted for publishing purposes, not for commercial exploitation.
The case has been a point of contention, with the Congress party denying any wrongdoing and asserting that the acquisition was part of a plan to revive the National Herald newspaper.
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