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Hawala Transactions: ED Raids Satyendra Jain’s Residence, 6 Other Locations

New Delhi [India]: In connection with hawala transactions related to a Kolkata-based company, the Enforcement Directorate (ED) conducted searches on Monday at the residence of Delhi’s Health Minister Satyendar Jain and six other locations, informed the officials.

The federal agency’s separate teams carried out these searches at six places in Delhi, including Jain’s residence. The places raided by the ED across Delhi included Ram Prakash jewellers Pvt Ltd in south east Delhi and conducted another search in Gurugram.
The agency conducted raids after it arrested Jain on May 30 under the provisions of the Prevention of Money Laundering Act.

On May 31, a trial court sent Jain to ED’s custody till June 9.
The move comes days after the federal agency arrested Jain on May 30. Jain is in the custody of ED till June 9.

Jain was arrested after the ED in April this year attached immovable properties worth Rs 4.81 crore owned by companies named Akinchan Developers Pvt. Ltd, Indo Metal Impex Pvt Ltd, and others under the Prevention of Money Laundering Act, 2002 in connection with the disproportionate asset and money laundering case registered Jain, his wife Poonam Jain, and others.

It may be recalled that on August 25, 2017, the Central Bureau of Investigation (CBI) filed an FIR against Jain in a money laundering case.

The ED had registered a criminal case against the AAP leader based on this FIR which was lodged by the CBI in which it had been alleged that Jain could not explain the source of funds received by four companies in which he was a shareholder.

Jain had reportedly floated or bought several shell companies in Delhi. He also laundered black money worth Rs 16.39 crore through 54 shell companies of three hawala operators of Kolkata.

Jain owned a large number of shares in companies named Prayas, Indo, and Akinchan. However, after becoming Minister in Kejriwal’s government, all his shares were transferred to his wife in 2015, as per reports.

These companies used to transfer cash payments to their Kolkata counterparts and these companies would later, under the ruse of buying shares, would route back the money to Jain by employing legal means. The companies have reportedly laundered money to the tune of Rs 16.39 crores from 2010 to 2014 to Satyendra Jain.

As per government sources, when prosecuted by the I-T Department, Jain surrendered black money in form of cash of Rs 16.39 crore under Income Disclosure Scheme (IDS) 2016 on Benami names of Vaibhav Jain and Ankush Jain.

In November 2019, the Home Ministry approved the prosecution of Delhi minister Satyendra Jain in cases related to disproportionate assets and money laundering.
Besides, Home and Health, Jain holds Power and PWD, among other portfolios, in the AAP-led Delhi government.

The Delhi High court on Saturday stayed the order of a special court allowing Delhi Health Minister Satyendar Jain to have counsel during the interrogation by the ED.

Earlier, the Central Bureau of Investigation (CBI) had filed an FIR against Jain in a money laundering case on August 25, 2017. 

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