ED attaches assets worth Rs 7.44 cr linked to former Delhi minister Jain

The Enforcement Directorate has attached assets worth Rs 7.44 crore belonging to companies allegedly controlled by former Delhi minister Satyendar Kumar Jain in a money laundering case. The attachment, made on September 15, takes the total value of properties seized in the case to Rs 12.25 crore.

The probe stems from a CBI FIR filed in August 2017 alleging that Jain acquired disproportionate assets during his tenure as the minister between February 2015 and May 2017. The CBI filed a chargesheet against him, his wife Poonam Jain and others in December 2018.

Earlier in March 2022, the ED had attached assets worth Rs 4.81 crore and filed a prosecution complaint, which was taken cognisance of by a Delhi court.

According to the agency, in November 2016, Jain’s associates Ankush Jain and Vaibhav Jain deposited Rs 7.44 crore at a Bank of Baroda branch in Delhi as advance tax under the Income Disclosure Scheme (IDS).

“They declared ownership of income/assets worth Rs 16.53 crore received through four companies - Akinchan Developers, Paryas Infosolutions, Manglayatan Projects, and Indo Metal Impex - which investigators found were actually controlled by Jain,” an ED official said.

The Income Tax Department, Delhi High Court and later the Supreme Court concluded that the two were benami holders on Jain’s behalf. Based on ED’s findings, the CBI filed a supplementary chargesheet enhancing the value of disproportionate assets.

With the latest attachment, the ED said it has seized 100% of Jain’s alleged illicit assets. A supplementary prosecution complaint is expected to be filed shortly, even as trial in the case continues before the Rouse Avenue Court in Delhi.