Jain: ED Raids House of Delhi Minister Satyendar Jain and Other Sites | India News

NEW DELHI: As part of its ongoing money laundering investigation against Delhi Minister Satyendar Jain, the Law Enforcement Directorate (ED) carried out fresh searches on Monday at his residence and other premises associated with his close relatives and associates in the nation’s capital.
Jain was arrested by the ED on May 30 for “failing to cooperate” with the agency, “misleading” the investigation and transferring “proceeds of crime”. The next day, he was taken into custody in the emergency room for 10 days until June 9 by a special court here for questioning in custody.
Monday’s investigation began early in the morning and continued until late in the afternoon on ED’s suspicion that Jain’s associates may be tampering with new evidence by eliminating transaction details from front companies.
TOI had reported in its Monday edition that the ED had found evidence that front companies, allegedly linked to Jain, had received more than Rs 16 crore and had “invested” around Rs 28 crore in land deals. The ED established a money trail for these transactions made by five front companies. He is still looking for the source of the other funds.
Jain’s arrest by ED on May 30 was due to the agency’s fear that he could destroy money laundering evidence after the investigative team discovered he had started transferring some of the plots of land, purchased using front companies, from some of his immediate family. “Transferring the proceeds of crime is a serious offense under the Prevention of Money Laundering Act,” a source had told TOI.
The ED mapped deals of around Rs 28 crore in five shell companies, allegedly controlled by Jain, which bought land in north and northwest Delhi between 2010 and 2014. The same set of companies continued to receive “unsecured loans” from Kolkata-based shell companies instead of cash transferred to them through the hawala (illegal channel), the ED had previously told the Special Court here.
The ED had tied up assets worth Rs 4.81 crore in April this year after establishing a money trail of an equivalent amount which turned out to be laundered by the minister and members of his family. Now the agency has collected new evidence of money laundering, bringing the total revenue of Jain-controlled shell companies to more than Rs 16 crore. At least 4.6 crore of these funds were received in 2015-2016, sources say, when Jain was a minister in the AAP government.