In a significant development, the Enforcement Directorate (ED) has provisionally attached assets amounting to ₹751.9 crore in connection with its money-laundering investigation into the affairs of the Congress-run National Herald newspaper. The attached assets belong to Associated Journals Limited (AJL) and Young Indian (YI).
Immovable properties valued at ₹661 crore, spread across Delhi, Mumbai, and Lucknow, owned by AJL have been attached. YI’s proceeds of crime, amounting to ₹90.21 crore, have been attached in the form of equity shares.
The ED initiated the money-laundering investigation based on a process issued by the court of Delhi’s Metropolitan Magistrate after taking cognizance of a private complaint on June 26, 2014. The court found seven accused persons, including M/s Young India, prima facie guilty of offenses such as criminal breach of trust, cheating, dishonest misappropriation of property, and criminal conspiracy.
The investigation revealed that AJL, which received land at concessional rates for publishing newspapers, closed its publishing operations in 2008. It repurposed the properties for commercial use, leading to alleged breaches. The court held that AJL and Congress Party office bearers cheated the shareholders and donors.
Following the purchase of a ₹90.21 crore loan from the All India Congress Committee (AICC), YI demanded repayment or the allotment of equity shares from AJL. AJL, in turn, held an Extraordinary General Meeting (EGM) and issued fresh shares worth ₹90.21 crore to YI. This move resulted in YI gaining control over AJL’s properties.
