Additional Solicitor General S V Raju told the court that the accused were 'enjoying the proceeds of crime' until the Enforcement Directorate (ED) attached properties worth Rs 751.9 crore linked to the National Herald in November 2023.
Rs 142 crore in proceeds of crime... National Herald case 'scam'
This is a unique business deal.
A paltry sum was perceived to have been paid for taking over assets worth crores of rupees.
The Enforcement Directorate (ED) on Wednesday told a Delhi court that Sonia and Rahul Gandhi, both accused in the National Herald case, have enjoyed Rs 142 crore in proceeds of crime.
The agency further claimed that the Gandhis not only committed money laundering when they acquired the proceeds of crime but also by continuing to hold the proceeds.
There is a prima facie case of money laundering that has been established against the Gandhis, Sam Pitroda, Suman Dubey and others in connection with the National Herald, the ED has alleged.
Meanwhile, the judge ordered the federal agency to supply a copy to the complainant, Subramanian Swamy. The ED filed its chargesheet recently after it started its investigation in 2021.
WHAT IS NATIONAL HERALD CASE?
The first complaint was filed in 2012.
The ED began probing the case under the Prevention of Money Laundering Act (PMLA) in 2014.
This was after a trial court took notice of an Income Tax probe into the irregularities based on a private criminal complaint filed by Subramanian Swamy back in 2012.
The common people in India welcome the probe in general sense. The refrain being the law should take its own course even against the most powerful of political netas.
The Enforcement Directorate had in 2020 attached one of the prime properties in Mumbai’s Bandra location under the Prevention of Money Laundering Act (PMLA).
The market value of the property is stated to be to the tune of hundreds of crores of rupees and allegedly allotted to Associated Journals Limited (AJL) illegally.
It had done so in May 2019 with a property in Gurugram worth Rs 65 crores in the same 'National Herald case'.
The crux of the issue is - How did 'Young Indian', with a capital of Rs 50 lakhs, acquire all shareholding of AJL worth Rs 5,000 crore?'
For records it has to be noted that Rahul Gandhi was appointed director of Young Indian, the company that got all the benefits in a clear one-sided deal, on December 13, 2010, while his mother Sonia Gandhi joined the board of directors on January 22, 2011.
(This was the UPA era when they could not do anything wrong ! )
The allegation or the theory of political vindictiveness against Congress leaders may not have many takers.
The Supreme Court has in the past upheld the Income Tax Department’s decision to re-open tax assessment of concerned players for the financial year 2011-2012 in connection with the 'National Herald Case'.
The ED had in December 2018 attached property worth Rs 30 crore in Mohali.
The Bandra plot came under scanner only after Dr Subramaniam Swamy had filed a case accusing them of misappropriating the National Herald’s properties.
The said property in Bandra in Mumbai was provided to 'National Herald' in 1983 at concessional rates to publish the newspaper.
It was reported that 76 per cent of the company's shares are jointly held by Sonia Gandhi and Rahul Gandhi, and Congress leaders Motilal Vora and Oscar Fernandes hold the remaining 24 per cent - with 12 percent each.
Rahul Gandhi’s office had earlier said ‘Young Indian’ is a “not-for-profit company”.
Congress chief Sonia Gandhi’s troubles vis-a-vis the high profile ‘The National Herald’ case did not start with any vindictive politics of the BJP or after the Modi government took over reins.
Dr Swamy had filed the case against Sonia and Rahul Gandhi, the companies and associated persons, in January 2012, when the UPA was in power. He alleged that under the Income Tax Act, no political organisation can have financial transactions with a third party, and Congress was directly involved in this case.
With regard to this case, Dr Subramanian Swamy is leading the litigation and Sonia, and Rahul Gandhi were given bail by Patiala House Court in 2015.
The Congress questions the 'money laundering angle'. It has maintained that Young India was formed 'with the aim of charity.
The Congress leaders say the transactions were 'not a financial one but a commercial' one.
Lawyer and Congress leader Abhishek Singhvi said: "There has been no transfer of property or cash, how can there be a money laundering case?"
Others do not buy the Congress line. One version is, it is a case of 'loans' involving fake companies.
The loans were from fake companies for cash given by Congress and so it is money laundering.
Others say, it is not a question of turning loans into equity either.
It was being circulated that by 2008-09, the Congress was keen to revive the one time noted newspaper, the National Herald.
The Congress was in power and it offered a Rs 90-crore interest-free loan
to the Associated Journals Ltd (AJL) to aid the newspaper in revival.
ends
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