National Herald case: ‘Misuse of Cong funds for AJL takeover’ under ED’s scanner | Latest News India & More news

 

As half of its cash laundering probe towards the Gandhi household, the Enforcement Directorate (ED) is trying into suspected misuse of Congress get together funds to take over Associated Journals Ltd by means of Young Indian Private Limited (YI), which resulted within the acquisition of all immovable properties of AJL as effectively.

The allegations have been first levelled by BJP chief Subramanian Swamy, who filed a personal criticism in November 2012 in a courtroom in Delhi claiming that the Gandhis had dedicated fraud and misused get together funds to buy the corporate that ran National Herald newspaper.

Swamy claimed that by buying AJL by means of a brand new firm, Young Indian, Gandhis had additionally acquired properties value a number of hundred crores owned by AJL in cities equivalent to Mumbai, Lucknow, Patna, Panchkula and Delhi, together with the six-storey Herald House at Bahadur Shah Zafar Marg.

The Congress has repeatedly denied all wrongdoing and argued that the plea by Swamy was “misconceived and premature” as a result of no company had unearthed any proof of illegality. The get together says that the ED investigation was a political ploy to focus on the Gandhis and half of the federal government’s political vendetta towards the Opposition get together.

AJL was integrated in 1937 by former Prime Minister Jawaharlal Nehru. The firm printed English every day National Herald, Urdu publication Quami Awaz and Hindi language Navjivan.

However, resulting from monetary difficulties, it stopped publishing newspapers in 2008.

The All India Congress Committee (AICC) superior loans value 90.21 crore to AJL over a interval of time.

Young Indian was fashioned in November 2010 with Gandhi household loyalists Sam Pitroda and Suman Dubey as its founding administrators. Rahul and Sonia Gandhi are majority ( 76%) shareholders within the firm with equal share whereas the late Oscar Fernandes and Motilal Vora owned remaining shares.

Meanwhile, AJL’s registered workplace was shifted to Herald House in Delhi.

Swamy’s allegation was that the 90.21 crore curiosity free mortgage, which AICC gave to AJL, was assigned to YI, 23 days after the brand new firm was fashioned. The transaction worth was 50 lakh

After the mortgage was assigned to YI, it was transformed into fairness on February 26, 2011 (regardless that YI was but to pay 50 lakh to AICC), ensuing within the firm holding 99% of AJL’s shares.

The ED’s Prevention of Money Laundering Act (PMLA) investigation is to ascertain whether or not Gandhis are actual beneficiaries of the transaction as they’re main shareholders in YI.

“The transactions led to the takeover of AJL, which has several immovable assets worth hundreds of crores, by YI by making an investment of 50 lakh. Also, YI had no assets of its own except those transferred through a loan assigned by AICC,” mentioned an officer, who didn’t need to be named.

Investigators additionally mentioned that YI had no enterprise or revenue.

An AJL property value 16 crore has already been hooked up final yr by the ED in Mumbai.

 

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