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ED questions Delhi Minister Jain in money laundering case

IANS  |  New Delhi 

The on Wednesday questioned Health and Power in connection with its probe into a case.

The agency had questioned Jain, an leader, on April 3 also for over five hours and recorded his statement in the alleged 'proceeds of crime' case.

The ED booked Jain and five others in the case last August after taking cognisance of a (CBI) FIR against the

The CBI, in April last year, registered a Preliminary Enquiry against Jain on the basis of what it termed evidence it had collected in connection with the laundering of Rs 46.3 million in 2015-16.

Jain is accused of involvement in the through Kolkata-based Prayas Info Pvt Ltd, and Jain and his wife were allegedly holding one third shares in these companies during the period.

Jain is also accused of laundering Rs 117.8 million in 2010-12 through these companies and Delhi-based Indo-Metal Index Pvt Ltd.

The was accused of giving the money in cash through his employees and public associates to Kolkata-based entry operators and shell companies. Thereafter, the entry operators routed the black money in the form of investment in shares of Prayas Info Pvt Ltd, Akichand Developers, Mangalyatan Project Pvt Ltd, and Indo-Metal Index Pvt Ltd -- all allegedly controlled by Jain.

"The shares were bought at a premium of 60 times the unit price," the CBI had said.

Jain had technically resigned from the directorship of the companies in view of the 2013 Assembly elections, the CBI had said, adding that the money received back in the form of investment in shares was used by him for purchasing agricultural land valued at Rs 276.9 million in in the name of companies controlled by him.

Jain was accused of misusing his powers as to get the agricultural land declared as residential land by the to gain huge financial benefits.

The matter was referred to the CBI by the under the new Benami Transactions (Prohibition) Amendment Act.

The in September 2016 summoned Jain for questioning on his alleged links with the firms under the scanner over hawala transactions of nearly Rs 170 million.

Jain had earlier said he made investments in these companies as an investor four years back but had withdrawn since 2013 and that he had done nothing wrong.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 11 2018. 14:10 IST
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