Origins of the Case

The money laundering investigation stems from an FIR registered by the CBI on August 24, 2017 under the Prevention of Corruption Act against Jain, his wife Poonam Jain, and others.

• Allegation: Jain acquired disproportionate assets between February 14, 2015 and May 31, 2017, while serving as a minister.
• The CBI filed its chargesheet on December 3, 2018, naming Jain, his wife, and close associates.

Earlier Attachments and Court Proceedings

The ED had previously attached immovable properties worth ₹4.81 crore linked to Jain’s companies on March 31, 2022, and filed a Prosecution Complaint on July 27, 2022.

• The Hon’ble Court took cognizance on July 29, 2022.

With the latest action, the total assets attached now stand at ₹12.25 crore.

Role of Benami Associates and IDS 2016

The ED investigation revealed that soon after demonetization in November 2016, Jain’s close associates Ankush Jain and Vaibhav Jain deposited ₹7.44 crore in cash at Bank of Baroda, Bhogal Branch, under the Income Disclosure Scheme (IDS), 2016.

• They claimed beneficial ownership of ₹16.53 crore income/assets received between 2011–2016 through companies:
  • M/s Akinchan Developers Pvt. Ltd.
  • M/s Paryas Infosolutions Pvt. Ltd.
  • M/s Manglayatan Projects Pvt. Ltd.
  • M/s Indo Metal Impex Pvt. Ltd.
• However, these companies were found to be beneficially owned and controlled by Satyendar Jain.

Both the Income Tax Department and the Delhi High Court held Ankush and Vaibhav Jain as benami holders for Jain. Their appeals were dismissed by the Supreme Court, making the finding final.

Updated Case Status

The ED has now identified and attached fresh properties worth ₹7.44 crore, representing 100% of the disproportionate assets attributed to Jain.

A Supplementary Prosecution Complaint under PMLA will soon be filed by the ED.

What Lies Ahead

The case against Satyendar Jain continues in the Rouse Avenue Court, New Delhi. With the ED’s latest action, investigators have now secured all the identified disproportionate assets linked to the former Delhi Minister.

Also Read: Govt Seizes, Accused Sells: How ED-Attached Iqbal Mirchi Property Was Illegally Demolished & Sold While Authorities Looked Away

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