ED raids in money laundering case
The ED raided the house of Sharad Pawar’s close aide, former Rajya Sabha MP and Jalgaon-based businessman Ishwarlal Jain and claimed to have recovered a large amount of cash and gold. According to the ED, 13 places in Jalgaon, Nashik and Thane were searched on August 17 in a probe under money laundering. In which raids were conducted on the premises of S Rajmal Lakhichand Jewelers Pvt Ltd, M/s RL Gold Pvt Ltd and M/s Manraj Jewelers Pvt Ltd and their promoters Ishwarlal Shankarlal Jain Lalwani, Manish Ishwarlal Jain Lalwani, Pushpa Devi and Nitika Manish Jain. .
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According to the ED, a large amount of criminal documents and crime proceedings were also seized in the search, including 39.33 kg of gold and diamond jewelery worth Rs 24.7 crore and cash worth Rs 1.11 crore. The CBI has registered three FIRs against Ishwarlal Jain’s companies for defrauding and defrauding SBI Bank loans. In which SBI received Rs. 352.49 crore (including interest thereon) was wrongfully lost. The ED investigation has revealed that the promoters of the 3 accused companies conspired to carry out bogus transactions.
The special thing is that Ishwarlal Jain of RL Group has been a former member of the Rajya Sabha and is an official of the NCP party and is close to Sharad Pawar. While his son Manish Jain has been an MLC and is currently with Ajit Pawar’s group. Manish has also contested the MP election against BJP MP Raksha Khadse and lost.
The ED investigation revealed that the promoters of the 3 accused companies were involved in fictitious transactions and fabricated the books of accounts of the 3 accused companies and their associated entities. In which many anomalies have been seen. The books of account with the main holding company i.e. Rajmal Lakhichand Jalgaon Partnership Firm showed bogus sale-purchase transactions. A large amount of stock in the trade was found to have completely disappeared. Against the declared stock of over 1284 kg of jewellery, the ED could find only 40 kg of jewellery.
Incriminating documents recovered from a mobile phone indicate an FDI offer of 50 million euros from a Luxembourg-based entity in a real estate company controlled by Manish Jain. During the search, details of 2 benami properties owned by Rajmal Lakhichand Manish Jain located in Jamner, Jalgaon and surrounding areas have been collected, along with 60 properties of the Rajmal Lakhichand group worth over Rs 50 crore.
Meanwhile, on the ED raid, Ishwar Lal Jain has claimed that the owners of the jewelery showroom which was raided had nothing to do with this SBI loan and the seized gold belonged to the showroom. This action is completely illegal, against which those people will go to court and they hope that the court will give justice.