NEW DELHI: In a big blow to the Congress, the decks have just been cleared for the Enforcement Directorate to take possession of assets worth Rs 751.90 crore belonging to the party-owned Associated Journal Ltd (AJL) and Young Indian. For, the PMLA (Prevention of Money Laundering Act) Adjudicating Authority has upheld the provisional attachment order issued last year in connection with a money laundering probe against AJL.
The ED had provisionally attached these properties last year. The ED had also interrogated several individuals, including Congress leaders Sonia and Rahul Gandhi. The two Congress leaders together held 76% of shares in Young India, the holding company of AJL, which publishes The National Herald newspaper.
According to the ED, the AJL had to repay a loan of Rs 90.21 crore to AICC, which treated the said loan as non-recoverable and sold it for a mere Rs 50 lakh to Young Indian.
The adjudicating authority said it believes the movable assets and equity shares attached by the ED are proceeds of crime. The ED had initiated the money-laundering probe following a process initiated by the Court of Metropolitan Magistrate based on a private complaint against irregularities in the affairs of National Herald.
The ED says AJL is in possession of proceeds of crime in properties in many cities worth Rs 661.69 crore and Young Indian Rs 90.21 crore in investment in equity shares of AJL.