On Tuesday, April 5, the Enforcement Directorate provisionally attached immovable properties worth Rs. 4.81 crore owned by companies named Akinchan Developers Pvt. Ltd, Indo Metal Impex Pvt Ltd, and others under the PMLA, 2002. The action was taken in connection with the disproportionate asset and money laundering case registered against AAP minister Satyendra Jain, his wife Poonam Jain, and others.
The law enforcement agency shared the information about the same on its official Twitter handle.
ED has provisionally attached immovable properties— ED (@dir_ed) April 5, 2022
worth Rs. 4.81 Crore belonging to M/s Akinchan Developers Pvt. Ltd. ,M/s Indo Metal impex Pvt Ltd & others under PMLA, 2002 in a disproportionate assets case of Satyendra Kumar Jain & others.
It may be recalled that on August 25, 2017, CBI had filed an FIR against Satyendra Jain in a money laundering case. The ED had registered a criminal case against the AAP leader based on this FIR which was lodged by the Central Bureau of Investigation (CBI) in which it had been alleged that Jain could not explain the source of funds received by four companies in which he was a shareholder.
Jain had reportedly floated or bought several shell companies in Delhi. He also laundered black money worth Rs 16.39 crore through 54 shell companies of three hawala operators of Kolkata. Satyendra Jain owned a large number of shares in companies named Prayas, Indo, and Akinchan. However, after becoming Minister in Kejriwal’s government, all his shares were transferred to his wife in 2015, as per reports.
We had earlier reported how after laundering of unaccounted cash and receipt of equivalent amounts in cheques through hawala operators and by using black money in the form of unaccounted cash, more than 200 bighas of agricultural land was bought in the names of companies acquired by Jain in the region close to the unorganized colonies located in Karala, Auchandi, Nizampur, Budhan, North and North-West area of Delhi.
These companies used to transfer cash payments to their Kolkata counterparts and these companies would later, under the ruse of buying shares, would route back the money to Jain by employing legal means. The companies have reportedly laundered money to the tune of Rs 16.39 crores from 2010 to 2014 to Satyendra Jain.
As per government sources, when prosecuted by the I-T Department, Jain surrendered black money in form of cash of Rs 16.39 crore under Income Disclosure Scheme (IDS) 2016 on Benami names of Vaibhav Jain and Ankush Jain.
In November 2019, the Home Ministry had approved the prosecution of Delhi minister Satyendra Jain in cases related to disproportionate assets and money laundering.