Saturday, June 22, 2024

Congress seeking legal opinion to challenge ED’s action to attach AJL’s properties

The Congress is seeking legal opinion to challenge the Enforcement Directorate (ED)’s action of provisionally attaching the properties worth over Rs 751 crore of the Associated Journals Limited (AJL) in connection with a money laundering probe.

A Congress source said that the party will soon challenge the ED’s action with the concerned authorities.

The ED on November 21 said that it attached properties worth Rs 751.9 crore in a money-laundering case against AJL, which owns various publications including National Herald.

The investigation agency claimed that Congress-linked AJL and Young Indian Ltd (YI) were ‘beneficiaries’ of proceeds of crime and the assets included immovable properties.

The ED said that its probe under the Prevention of Money Laundering Act revealed that “AJL 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 YI 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 ED registered a case of money-laundering on the basis of process issued by a Delhi Court after taking cognisance of a private complaint vide order dated June 26, 2014.

The court held that seven accused, including YI, prima facie committed offences of criminal breach of trust, cheating and dishonestly inducing delivery of property, dishonest misappropriation of property and criminal conspiracy of the IPC.

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