ED raids 10 locations in money laundering case

The Directorate of Enforcement (ED), Gurugram Zonal Office, conducted search operations at 10 locations in Delhi, Gurugram and Rohtak in connection with the money laundering case against Inderjit Singh Yadav, and his accomplices Apollo Green Energy Ltd and other associated entities/persons under the Prevention of Money Laundering Act (PMLA), said an official.

Yadav, who is wanted in various cases by the Haryana Police, is absconding and reportedly operating from the UAE.

According to an official statement, the money laundering investigation has been initiated with regard to extortion, coercive loan settlement of private financiers, intimidation and commission from illegal activities.

The ED initiated the investigation on the basis of over 15 FIRs/chargesheets filed by the Haryana and UP Police against Yadav and his associates. According to the FIRs, Yadav, owner and key controller of M/s Gem Records Entertainment Pvt Ltd (operating as 'Gems Tunes'), is known to be involved in criminal activities like murder, extortion, fraud and land grabbing.

A senior ED officer said investigation revealed that certain corporate houses like Apollo Green Energy Ltd and others allegedly borrow huge sums of money from Jhajjar-based financiers and issue post-dated cheques as security.

The investigation revealed that Yadav acted as a strongman and enforcer, facilitating coercive settlement of these high-value private loan transactions and financial disputes running into hundreds of crores. These settlements were allegedly executed through threats and local armed gangs with the involvement of organised crime syndicates operating from abroad. In this process of settlement, he allegedly earned hundreds of crores as commission.

“The income generated by Yadav through these fraudulent ways was allegedly used for the acquisition of immovable properties, luxury cars and maintaining a luxurious life style, while declaring minimum income tax returns. The search operation resulted in the seizure of five luxury cars, bank lockers, cash amounting to Rs 17 Lakh, incriminating documents, digital devices and digital data related to Yadav and his accomplices. The search also uncovered that a portal was developed and operated by Yadav for loan settlement,” said the official.

Various movable and immovable assets were acquired in the name of Yadav and his family from the proceeds of the crime.