New Delhi [India]: In a major development related to the Associated Journals Limited (AJL) money laundering case, the Enforcement Directorate (ED) has issued notices to property registrars in Delhi, Mumbai, and Lucknow to begin the process of taking possession of properties valued at ₹661 crore.
The notices, issued on April 11, are in line with Section 8 of the Prevention of Money Laundering Act (PMLA), 2002, and Rule 5(1) of the related possession rules.
“As part of the process to take possession of the tainted properties in the Associated Journals Limited (AJL) money laundering case, the Directorate of Enforcement (ED) in compliance with Section 8 of PMLA, 2002 and Rule 5(1) of the Prevention of Money Laundering (Taking Possession of Attached or Frozen Properties Confirmed by the Adjudicating Authority) Rules, 2013, on April 11 has served notices to Registrars of property in Delhi, Mumbai and Lucknow having jurisdiction of the area where AJL properties are located,” the ED said in a release.
In addition, a notice under Rule 5(3) was issued to Jindal South West Projects Limited, current occupant of the 7th, 8th, and 9th floors of Herald House in Bandra (East), Mumbai.
“The company has been directed to transfer monthly rent payments to the Director of the Enforcement Directorate,” the agency stated.
The ED clarified that the properties were provisionally attached following a thorough investigation, which revealed:
“Significant generation, possession and use of proceeds of crime to the tune of ₹988 crores.”
To prevent further misuse and dissipation of these assets, the immovable AJL properties and shares were provisionally attached on November 20, 2023, and the attachment was confirmed by the Adjudicating Authority on April 10, 2024.
Though legal challenges to the proceedings are ongoing, the courts have allowed the investigation to proceed. The ED has also conducted multiple searches and seizures, uncovering what they described as “incriminating documents.”
Sources in the agency further alleged that Young Indian, a private company owned by Sonia Gandhi and Rahul Gandhi, acquired AJL properties worth ₹2,000 crore for just ₹50 lakh, indicating massive undervaluation.
The ED’s findings also claim that:
“Young Indian and AJL properties were used for generation of further Proceeds of Crime in the form of bogus donations to the tune of ₹18 crore, bogus advance rent to the tune of ₹38 crore and bogus advertisements of ₹29 crore.”
To prevent further alleged misuse:
“The Directorate of Enforcement has initiated the proceedings to take possession of the tainted properties,” the sources added, citing compliance with PMLA provisions.