New Delhi: The Enforcement Directorate (ED) on Saturday seized Rs 1.1 cr in cash and diamond-gold jewellery worth Rs 25 crore, during the search operation at the premises of NCP’s former treasurer Ishwarlal Jain, his family and companies in connection with a money laundering case linked to bank loans fraud.
Jain is the close aide of NCP supremo Sharad Pawar.
According to the senior ED officials, the raid was conducted on Jain’s 13 premises in Jalgaon, Nashik and Thane. “The ED has recovered documents from mobile devices, indicating an FDI proposal of 50 million euros from a Luxemburg realty firm under the control of Jain’s son Manish.”
Adding further, as per the officials “ED has collected details about 60 properties valued at more than Rs 50 crore owned by the Rajmal Lakhichand Group, and additionally 2 benami properties in Jalgaon.”
“A revelation of bogus deals for pumping out money into the immovable properties has come out after the examination that was conducted on accounts belonging to Ishwarlal Jain’s three jewellery companies,” said the officials.
“New jewellery business in the name of R L Enterprises and new investments were made in the real estate sector, car dealership and in setting up a hospital,” they said.
Adding further, the officials stated that the accused allegedly has taken a loan of Rs 353 crore from the State Bank of India and had defaulted on the payment.
(Written by- Mahek Nigam)