ED claims the company which gave loan to Young Indian in search target
On Tuesday, when it launched a search operation at the capital’s Herald House, the Enforcement Directorate conducted simultaneous searches at the premises of some housing entry operator firms in Delhi, Mumbai and Kolkata.
Among the premises that were searched were Kolkata-based Dotex merchandise, which was claimed by ED officials to have paid Rs 1 crore to Young Indian to help acquire Associate Journals Limited (AJL), publisher of the National Herald newspaper. Had given a loan of Rs.
Agency officials said the searches were conducted after the ED came to know of financial transactions between Young Indian and some housing entry operator firms.
ED officials have claimed that in 2010, Young Indian, in which Sonia Gandhi and Rahul Gandhi are major shareholders, acquired AJL and all its assets.
Officials said that at the time of AJL’s acquisition, Young Indian, which had a paid-up capital of Rs 5 lakh, did not have the Rs 50 lakh fund to acquire AJL, and decided to take a loan of Rs 1 crore from M. /s Dotex Merchandise Pvt Ltd, Kolkata.
In its report, the Income Tax Department, which conducted the investigation for the first time, said, “This loan of Rs 1 crore in Suspicious Transaction Report (“STR”) by the Financial Intelligence Unit (“FIU”) was also marked as doubtful transaction. Went to India.”
The IT department said the loan was given to Young Indian “without any guarantee”.
An email sent by The Indian Express to Dotex Merchandise for comment did not elicit any response.