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Satyendar Jain was director of companies believed to have laundered money: ED sources

Satyendar Jain was director of companies believed to have laundered money: ED sources

Sources said that before he became a public servant in the Delhi government, he was serving as a director in three of the companies, while his family members were shareholders in four of them.

Satyendar Jain arrested Satyendar Jain arrested

Delhi Health Minister Satyendar Jain, who has been arrested on charges of money laundering, was the director of three companies out of four that are believed to have laundered money, Enforcement Directorate sources said. The three companies are Paryas Infosolution Pvt Ltd, Indo Metalimpex Pvt Ltd, M/s Akinchan Developers Pvt Ltd and Mangalayatan Projects Pvt Ltd. 

Sources said that before he became a public servant in the Delhi government, he was serving as a director in three of the companies, while his family members were shareholders in four of them.

From 2010 to 2012, these companies had laundered money to the tune of Rs 11.78 crore, and Rs 4.63 crore during 2015-16, when Jain was a public servant. 

The sources said that money in cash was given by the minister through his employees and associates to Kolkata-based operators of different shell companies for providing accommodation entries in lieu of cash. After that, these entry operators re-routed the money, received in the form of investments through shares of the four companies.

The money received as investments was utilised to purchase agricultural land worth Rs 27.69 crore in Delhi during 2010-11 to 2013-14.

The aforementioned companies were allegedly controlled by Satyendar Jain. As per enquiry conducted by the Income Tax department, the main beneficiary of the financial transactions was  Satyendar Kumar Jain. He also had active control over the companies involved, even though he resigned from the directorship before contesting in the Delhi Assembly polls in 2013.

Jain was arrested in the money laundering case on Monday by the ED under criminal sections of the Prevention of Money Laundering Act (PMLA) after a few hours of questioning.

Jain, 57, is the minister for health, power, home, PWD, industries, urban development, flood, irrigation and water in the Arvind Kejriwal-led government.

(With India Today inputs)

Also read: Delhi minister Satyendar Jain arrested by ED in hawala case