Lalu Prasad Yadav can lose ₹128 crore of ‘Benami’ property he allegedly acquired through shell companies

The properties were transferred to family members of Lalu Prasad Yadav from shell companies

Lalu Prasad Yadav, who is already serving the prison term in Birsa Munda Prison in Ranchi, after conviction in fodder scam, is set to lose properties worth ₹128 crores after IT department reportedly found them violating Benami Transactions (Prohibition) Act.

Benami property refers to property acquired by a person, under another person’s name or simply by employing a fake name or a shell company.

17 properties owned by former Bihar CM Lalu Prasad Yadav and his family are under scrutiny. Properties include an under construction mall in Patna, a residential property in New Friends Colony in Delhi, and a farmhouse in Palam Vihar near Delhi’s Indira Gandhi International airport.

- Advertisement - - Article resumes -

These properties are alleged to have been bought by Lalu Yadav’s shell companies during his stint as Railway Minister in UPA. Later, they were transferred to Lalu’s Wife Rabri Devi, his son Tejaswi Yadav, and daughters Misa Bharti, Chanda and Ragini, and also to his son-in-law Shailesh at abysmally low rates.

According to Times of India, residential property in New Friends Colony’s declared book value is Rs 5 crore, purchased in the name of AB Exports, but later the company’s shareholdings and rights were transferred to Tejashwi Yadav at mere Rs 4 lakh. And, a farmhouse in Palam Vihar of which book value was over 40 crore, purchased in name of Mishali Packers, was subsequently transferred to Misa Bharti and his husband at meagre Rs 1.40 crore.

The under-construction mall at Patna was already seized by Enforcement Directorate in June this year, and before that construction of the same was ordered to be stopped. Other than allegations of being benami property of Lalu, it was also alleged that necessary clearances for the mall were not obtained from authorities. ED is investigating Lalu Yadav and his family members in a case under the Prevention of Money Laundering Act (PMLA).

If this startling allegations hold true and are later proved, Lalu Yadav may land in prison for another seven years under the Benami Act, and will have to bear fine of 25% of market value of attached property and restriction from contesting elections for another six years.

Until the time investigation is over, attached properties can be given on lease to present inhibitors.

Share and Support:
Support OpIndia by paying for content

Most read articles recently

Loans waived by Congress govt in MP, but here are the ‘conditions apply’ that farmers should see

One of the main poll promises in the run-up to 2018 elections was farmer loan waiver. Rahul Gandhi and all Congress leaders harped on farmer loan waiver.

Ghaziabad: Stray dog, mother of five puppies, raped and dragged to death by Nafees and Tauseef

Nafees, one of the accused, has reportedly confessed to the crime of raping the animal several times before dragging her through the streets

‘I was a communist, but I fail to understand how talking about Hindus becomes ‘communal’: Hadiya’s father joins BJP

He said that he was a communist since childhood but of late the party is playing dirty vote-bank politics eyeing minority votes.

No Rajdeep, there is no reason to thank Imran Khan for the homecoming of Hamid Ansari. Here is why

Rajdeep Sardesai has time and again proved himself to be a master of quackery

PM Modi makes a big announcement: 99% items to soon fall under 18% GST slab or lower

"Today, GST system has been established to a large extent and we are working towards a position 99% things would attract the sub- 18% slab", said Prime Minister Narendra Modi

Kamal Nath has given Congress ecosystem the job of demonizing UP-Bihar, and we can expect this

After fifteen long years, Congress has begun its innings in Madhya Pradesh on a message of hatred towards the people of Uttar Pradesh and Bihar by CM Kamal Nath

Read excerpts of Congress’ Mallikarjun Kharge led PAC report slamming HAL for delay in projects while Rahul indulged in politicking

PAC, led by Congress leader Mallikarjun Kharge severely criticised HAL for the delay in projects while Rahul Gandhi accused PM Modi of 'taking away projects from HAL'

IT magnate Narayana Murthy and ace investor Rakesh Jhunjhunwala root for Modi government in 2019

Narayan Murthy and Rakesh Jhunjhunwala both have praised Modi government’s policies in the last 4.5 years of governance

Surging India: PM Modi sets up the tone for 2019 campaign? Lists how India has developed a lot since 2014

PM Modi was giving the keynote address at Republic TV summit where he put forward his government's achievements in last four years

After spreading negativity during Diwali, Times Now is in a festive mood during Christmas

Times Now's tweets reflect the general attitude of the Indian elite towards Hindu festivals. While everything negative is associated with Hindu festivals, an aura of celebratory mood is spread on the occasion of Abrahamic festivals.

Latest articles

Connect with us

125,843FansLike
98,422FollowersFollow
6,392SubscribersSubscribe

Don't miss these