Enforcement Directorate’s latest action raises total assets attached to Rs 12.24 crore in ongoing investigation.
The Enforcement Directorate (ED) has announced the attachment of immovable properties valued at Rs 7.44 crore, linked to Aam Aadmi Party leader and former Delhi minister Satyendar Jain. This action follows a prolonged investigation that began after the Central Bureau of Investigation (CBI) registered a first information report against Jain and his wife, Poonam Jain, in August 2017.
The allegations against the couple involve the acquisition of disproportionate assets during the period from February 2015 to May 2017, a timeframe when Satyendar Jain was serving as a minister in the Delhi government. In December 2018, the CBI filed a chargesheet as part of its ongoing investigation into these claims.
Prior to this latest attachment, the ED had provisionally attached properties worth Rs 4.81 crore in March 2022. The agency also filed a prosecution complaint in July 2022, bringing the total assets attached in this case to Rs 12.24 crore. The ED asserted that this figure reflects “100% of the disproportionate assets acquired by Jain” through immovable properties held in companies that he is believed to beneficially own and control.
The ED’s investigation revealed that in November 2016, shortly after the demonetization announcement in India, Satyendar Jain’s associates, Ankush Jain and Vaibhav Jain, deposited Rs 7.44 crore in cash at a Bank of Baroda branch in Bhogal under the Income Disclosure Scheme. The investigation into these transactions indicated that they declared an income of Rs 16.53 crore across the accounts of four companies: Akinchan Developers, Paryas Infosolutions, Manglayatan Projects, and Indo Metal Impex. The ED alleges that these companies were shell entities used to facilitate financial maneuvers.
According to the ED, the funds funneled through these companies were reportedly utilized for acquiring land or repaying loans associated with agricultural land purchases in and around Delhi. The findings of the Income Tax Department and the Delhi High Court have classified Ankush Jain and Vaibhav Jain as benami holders acting on behalf of Satyendar Jain. Furthermore, the Supreme Court dismissed their review petitions, which has solidified the court’s findings in this case.
The trial related to these allegations is currently ongoing at the Rouse Avenue Court in Delhi, where further developments are anticipated as the legal proceedings unfold. The ED’s latest actions underscore its commitment to addressing financial irregularities and enforcing accountability within political circles.
