- The Enforcement Directorate (ED) has around 70 properties linked to NCP leader Ishwarlal Jain in a money laundering case.
- As many as 70 immovable assets in different locations, including Jalgaon, Mumbai, Thane, Sillod in Maharashtra, and Kutch in Gujarat, among other areas, have been attached.
- along with silver, diamond jewellery, and currency, all valued at Rs 315 crore.
- The attached movable and immovable assets include the benami properties acquired by Ishwarlal Jain, his son Manish Jain, and others.
- The ED’s case against Jain is based on a bank fraud FIR registered by the Central Bureau of Investigation (CBI) in 2022 against jewellery companies linked to Ishwarlal Jain and others.
- The accused individuals allegedly submitted fake financial records to obtain significant loans from the bank and engaged in round-tripping of transactions to inflate the financials.
In a significant development, the Enforcement Directorate (ED) has attached properties worth a staggering Rs 315 crore in a money laundering case involving Nationalist Congress Party (NCP) leader Ishwar Lal Jain. He is a former Rajya Sabha MP and the former treasurer of the NCP, and is known to have close ties to NCP chief Sharad Pawar.
The ED’s action includes the provisional attachment of approximately 70 immovable properties located in various regions, such as Jalgaon, Mumbai, Thane, Sillod in Maharashtra, and Kutch in Gujarat. This move comes in the wake of an investigation into alleged financial misconduct related to Ishwarlal Jain’s involvement with Rajmal Lakhichand Jewellers, R L Gold, and Manraj Jewellers, accused of cheating the State Bank of India (SBI) of over Rs 352.49 crore.
The ED’s actions have been carried out under the provisions of the Prevention of Money Laundering Act. This investigation was initiated based on three cases registered by the Central Bureau of Investigation (CBI). These cases involved charges of criminal conspiracy, cheating, forgery, and criminal misconduct, as outlined in the Indian Penal Code.
The ED’s inquiry unveiled a troubling pattern of deceit. They discovered that the promoters of the aforementioned companies had submitted fraudulent financial documents.
Before the recent property attachments, ED officials conducted thorough search operations. They targeted 13 different official and residential premises belonging to the Rajmal Lakhichand group. These locations included areas in Jalgaon, Nashik, and Thane in Maharashtra. During these searches, the officials seized a substantial amount of assets. That includes gold, silver, and diamond jewellery, bullion, as well as Indian currency in cash. Additionally, a cache of incriminating documents was discovered.
The latest developments in this case underscore the government’s commitment to combating financial irregularities and money laundering. The ED’s actions aim to recover the funds that were allegedly misappropriated, ensuring accountability and justice in the financial sector.
(With inputs from agencies)
