The Aryavarth Express
Agency(New Delhi): In a significant development ahead of the Lok Sabha elections, the Prevention of Money Laundering Act (PMLA) Adjudicating Authority has confirmed the attachment of properties valued over Rs 751 crore belonging to the Congress-affiliated Associated Journals Limited (AJL) and Young Indian. This decision marks a crucial phase in the proceedings, with the attached assets remaining under restriction during the ongoing legal process and pending a final confiscation order from the special court.
The attachment stems from a November 2023 order by the Enforcement Directorate (ED) as part of an investigation initiated from a complaint by Subramanian Swamy. The complaint implicates several top Congress leaders, including Sonia Gandhi and Rahul Gandhi, in financial irregularities related to AJL and Young Indian. This action follows a series of hearings that substantiated the provisional measures taken under the PMLA, highlighting significant legal and financial implications for the involved parties.
AJL, historically linked to the Congress and once chaired by Jawaharlal Nehru, ceased its operations in 2008, leaving behind considerable debts. In a strategic move in 2010, Young Indian was established and subsequently assumed AJL’s debt through an interest-free loan from the Congress Party. This transaction saw AJL’s equity transferred to Young Indian in exchange for Rs 50 lakh, effectively consolidating substantial real estate assets valued at around Rs 5,000 crores under Young Indian’s control.
These assets, which were initially intended for newspaper publishing, have since been repurposed, with the National Herald House in New Delhi being commercially leased to generate significant revenue. The court has highlighted multiple legal breaches in this arrangement, including criminal breach of trust and conspiracy, which facilitated the misuse of public funds and assets for personal gains.
This confirmation by the PMLA Adjudicating Authority not only underscores the severity of the allegations but also ensures that the attached properties remain secured as the judicial proceedings advance towards a potential final confiscation. This case continues to unfold significant ramifications for the Congress Party’s leadership and their financial operations.