Wednesday, November 29, 2023

National Herald case: ED issues order to attach AJL and Young Indian’s assets worth Rs 750 crores – N.F Times

New Delhi: The Enforcement Directorate (ED) on Tuesday said that it has issued orders to attach properties of Congress-linked Associated Journals Ltd (AJL) and Young Indian (YI) worth Rs 751.9 crore in connection with money laundering probe.

The investigation agency claimed that both Congress-linked organizations were ‘beneficiaries’ of proceeds of crime and the assets included immovable properties.

“Investigation revealed that M/s. Associated Journals Ltd. (AJL) is in possession of proceeds of crime in the form of immovable properties spread across many cities such as Delhi, Mumbai and Lucknow to the tune of Rs. 661.69 Crore and M/s. Young Indian (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 agency said in a press statement.

According to reports, the AJL had to repay a loan of Rs. 90.21 Crore to All India Congress Committee (AICC), however AICC treated the said loan of Rs.90.21 Crore as non-recoverable from AJL and sold it for Rs.50 lakh to a newly incorporated company M/s Young Indian without any source of income to pay even Rs.50 lakh.

By their action, the shareholders of AJL as well as donors of Congress Party were cheated by the office bearers of AJL and Congress Party.

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