In mounting trouble for Satyendar Jain, the Enforcement Directorate (ED) on Tuesday attached assets worth Rs 7.44 crore belonging to companies allegedly "beneficially owned and controlled" by the former Delhi minister and Aam Aadmi Party (AAP) leader in connection with a money laundering case.
In its statement, the agency said it issued a provisional attachment order under the Prevention of Money Laundering Act (PMLA) on September 15, covering the immovable properties.
The investigation relates to allegations of benami holdings and disproportionate assets against Jain, his wife Poonam Jain, and others. The case originated from a CBI FIR and chargesheet, which accused Jain of “acquiring” assets disproportionate to his known sources of income during his tenure as a Delhi minister between February 14, 2015, and May 31, 2017.
In 2022, the ED had already attached assets worth Rs 4.81 crore belonging to Jain. The latest move follows a Delhi High Court order that identified Jain’s close associates, Ankush Jain and Vaibhav Jain, as his “benami holders”. According to the court, they deposited Rs 7.44 crore in cash at the Bank of Baroda’s Bhogal branch as advance tax under the Income Disclosure Scheme (IDS) of 2016.
ED's probe into Jain's associates
During its investigation, the ED found that in November 2016, shortly after demonetisation, Ankush Jain and Vaibhav Jain, close associates and benamis of Satyendar Kumar Jain, deposited Rs 7.44 crore in cash at the Bank of Baroda’s Bhogal branch as advance tax under the Income Disclosure Scheme (IDS), 2016. Under the scheme, they declared beneficial ownership of income and assets worth Rs 16.53 crore earned between 2011 and 2016 in the accounts of M/s Akinchan Developers Pvt. Ltd, M/s Paryas Infosolutions Pvt. Ltd, M/s Manglayatan Projects Pvt. Ltd, and M/s Indo Metal Impex Pvt. Ltd. According to the ED, these companies were in fact, beneficially owned and controlled by Satyendar Kumar Jain.
Both the Income Tax Department and the Delhi High Court held that Ankush Jain and Vaibhav Jain were benami holders for Satyendar Kumar Jain. Their challenges before the Supreme Court, through Special Leave Petitions and Review Petitions, were dismissed, making the finding final.
The ED shared its findings with the CBI under Section 66(2) of the PMLA, 2002. Acting on this information, the CBI carried out further investigation and filed a supplementary chargesheet, expanding the scope of disproportionate assets attributed to Satyendar Kumar Jain during his tenure as a Delhi minister.
Following the CBI’s supplementary chargesheet, the ED has now identified and attached immovable properties valued at Rs 7.44 crore. With this, the total proceeds of crime attached by the agency in the case have risen to Rs 12.25 crore (Rs 4.81 crore earlier plus Rs 7.44 crore now), representing 100 percent of the disproportionate assets allegedly acquired by Jain in the form of immovable properties held through companies under his beneficial ownership and control.
The ED has said a supplementary prosecution complaint under the PMLA will soon be filed. The trial is currently underway before the Rouse Avenue Court.
