Probe Agency Seizes Assets Worth Rs 7.44 Crore Linked To Delhi Ex-Minister

The Enforcement Directorate has seized assets valued at Rs 7.44 crore connected to former Delhi Minister Satyendra Kumar Jain. This action was executed under the Prevention of Money Laundering Act (PMLA), 2002 on September 15.

The investigation originated from a CBI FIR filed in August 2017, which alleged that Mr. Jain accumulated disproportionate assets during his tenure as a Delhi government minister from February 2015 to May 2017. The CBI subsequently filed a chargesheet in December 2018 against Mr. Jain, his wife Poonam Jain, and several others.

According to ED findings, shortly after demonetization in November 2016, Ankush Jain and Vaibhav Jain, close associates of Satyendra Jain, deposited Rs 7.44 crore in cash at the Bank of Baroda's Bhogal branch in Delhi. This money was submitted as advance tax under the Income Disclosure Scheme (IDS), with claims of ownership over assets worth Rs 16.53 crore across multiple companies.

The associates claimed the funds originated from four companies: Akinchan Developers, Prayas Infosolutions, Mangalayatan Projects, and Indo Metal Impex. However, both the Income Tax Department and judicial bodies, including the Delhi High Court and Supreme Court, determined these assets were actually held on behalf of Jain.

Previously, in March 2022, the ED had attached properties valued at Rs 4.81 crore linked to Mr. Jain and filed a prosecution complaint in July 2022. With this recent action, the total value of attached assets now reaches Rs 12.25 crore, representing the entire amount of alleged disproportionate assets.

The agency has confirmed that a supplementary prosecution complaint will be filed soon, while the trial proceeds at the Rouse Avenue Court in New Delhi.