ED Attaches Rs 7.44 Crore Properties Linked to Satyendar Jain

The Enforcement Directorate (ED) has attached properties worth Rs 7.44 crore under the Prevention of Money Laundering Act, 2002, linked to companies allegedly controlled by Satyendar Kumar Jain, former Delhi minister and AAP leader. This is part of an ongoing probe into money laundering allegations against him.

Background of the Case

The investigation traces back to a CBI case from 2017, which accused Jain of amassing disproportionate assets between February 2015 and May 2017 while serving as a minister. In December 2018, the CBI filed a chargesheet against Jain, his wife Poonam Jain, and others.

Previously, in March 2022, the ED had attached assets worth Rs 4.81 crore. With the latest action, the total attached properties now value Rs 12.25 crore, which the agency claims represent all disproportionate assets allegedly acquired by Jain.

Details of Financial Transactions

After demonetisation in November 2016, Jain's close associates, Ankush Jain and Vaibhav Jain, deposited Rs 7.44 crore as advance tax under the Income Disclosure Scheme (IDS). They declared assets worth Rs 16.53 crore in the names of four companies, later identified as beneficially owned by Satyendar Jain.

The Income Tax Department and Delhi High Court ruled these associates were benami holders for Jain. The Supreme Court upheld this finding. The ED shared its findings with the CBI, leading to a supplementary chargesheet that increased the disproportionate assets attributed to Jain.

Legal Proceedings

The trial is ongoing at Rouse Avenue Court, New Delhi. The ED plans to file a supplementary prosecution complaint soon. Jain was arrested on May 30, 2022, over allegations of laundering money through four shell companies. He was granted bail after more than two years.