New Delhi: The Enforcement Directorates (ED) ongoing investigation into alleged money laundering involving Associated Journals Limited (AJL) has reached a critical juncture. The agency issued notices demanding possession of assets worth ₹661 crore, previously attached in November 2023. These assets comprise prime properties such as the National Herald building in Delhi’s ITO, premises in Mumbai’s Bandra and and an AJL building in Lucknow. The notices require the occupants to vacate the properties or transfer rent to the ED.
This action directly impacts the Congress party as AJL, the publisher of the National Herald newspaper, is owned by Young Indian Private Limited and Congress leaders Sonia Gandhi and Rahul Gandhi, are majority shareholders in Young Indian, with a 38% stake each. The EDs investigation centers on alleged financial irregularities within AJL, alleging money laundering.
The ED asserts that its actions are fully compliant with the Prevention of Money Laundering Act (PMLA), emphasizing that the asset attachments followed a court order. This legal backing strengthens the EDs position and counters potential challenges from AJL and the Congress party. Congress however, claims that the case is politically motivated, attempting to portray the EDs actions as an assault on political opposition.
The implications extend beyond the immediate financial repercussions as the seizure of the National Herald building in Delhi raises questions about the future of its occupants and operations. The building, situated in a prime location, houses numerous offices and employees. The uncertainty surrounding the asset seizure adds to the existing pressures faced by Congress as it strives to maintain its position within the broader opposition alliance.
The timing coincides with the INDIA Bloc’s meeting in Patna that is aimed at fostering opposition unity, and it further underscores the political sensitivity surrounding this case. The EDs actions could potentially undermine the Congress’ credibility and influence within the opposition coalition.
