Daijiworld Media Network - New Delhi
New Delhi, Sep 23: The Enforcement Directorate (ED) has provisionally attached immovable assets worth Rs 7.44 crore linked to companies allegedly beneficially owned and controlled by former Delhi minister Satyendar Kumar Jain, as part of an ongoing money laundering probe.
The attachment, executed on September 15 under the Prevention of Money Laundering Act (PMLA), 2002, marks a significant development in a case that began with a CBI FIR filed in August 2017. The FIR accused Jain, his wife Poonam Jain, and others of amassing disproportionate assets between February 2015 and May 2017, during Jain’s tenure in the Delhi government.
Origins of the Case and Earlier Attachments
This latest action follows an earlier attachment in March 2022, when the ED seized assets worth Rs 4.81 crore in connection with the same investigation. A prosecution complaint was subsequently filed in July 2022, which was admitted by the court.
Alleged Benami Transactions Post-Demonetisation
According to the ED’s statement, the investigation revealed that Ankush Jain and Vaibhav Jain, close associates of Satyendar Jain, deposited Rs 7.44 crore in cash in November 2016 — soon after demonetisation — at the Bank of Baroda’s Bhogal branch under the Income Disclosure Scheme (IDS).
They declared a total of Rs 16.53 crore as income received between 2011 and 2016, allegedly routed through four companies:
• M/s Akinchan Developers Pvt Ltd
• M/s Paryas Infosolutions Pvt Ltd
• M/s Manglayatan Projects Pvt Ltd
• M/s Indo Metal Impex Pvt Ltd
Although Ankush and Vaibhav Jain claimed ownership of the funds, investigations by the Income Tax Department and rulings by the Delhi High Court identified them as benami holders acting on behalf of Satyendar Jain. Their appeals were dismissed by the Supreme Court, strengthening the ED’s case.
Proceeds of Crime Now Total Rs 12.25 Crore
With this fresh round of attachments, the ED has now identified a total of Rs 12.25 crore as "proceeds of crime" in the case. The agency has also confirmed that a supplementary prosecution complaint will be filed shortly under the PMLA.
Ongoing Trial
The trial is currently underway at the Rouse Avenue Court in New Delhi, as authorities continue to unravel what they describe as a complex web of shell companies, benami transactions, and illegal asset accumulation tied to Jain’s tenure in public office.