In connection with an investigation into money laundering, the Enforcement Directorate has confiscated assets totaling £75.19 million from Young Indian and Associated Journals Ltd., two organisations connected to the Congress. After a money laundering inquiry, a Delhi court found that Young Indian and the other accused had committed crimes such as dishonest property misappropriation, criminal conspiracy, criminal breach of trust, and cheating.
“Investigation revealed that M/s. Associated Journals Ltd. (AJL) is in possession of proceeds of crime in the form of immovable properties spread across many cities of India such as Delhi, Mumbai and Lucknow to the tune of £66.16 million and M/s. Young Indian (YI) is in possession of proceeds of crime to the tune of £9.02 million in the form of investment in equity shares of AJL,” ED said in a statement.
The leader of the Congress, Abhishek Singhvi, described the ED's action as a "distraction created by the ruling BJP to divert attention from their possible defeat in the upcoming state elections". Singhvi stated that no complainants had reported being defrauded. He further stated that the Prevention of Money Laundering Act, 2002 (PMLA) only permits action in cases where there are indications of an offence, but in this instance, there was no transfer of real estate and no revenue was obtained from the purported offence.
The investigation found out that there was a criminal conspiracy to acquire properties worth millions of AJL through Young Indian. AJL had received land at concessional rates for publishing newspapers, but it closed its operations in 2008 and used the properties for commercial purposes.