Company which ED claims gave loan to Young Indian among search targets

On Tuesday, when it launched a search operation at Herald House in the Capital, the Enforcement Directorate carried out simultaneous searches at premises of some accommodation entry operator firms across Delhi, Mumbai and Kolkata.

Among the premises searched was that of Kolkata-based Dotex Merchandise which, ED officials claimed, had loaned Rs 1 crore to Young Indian to help it acquire Associate Journals Ltd (AJL), publisher of the National Herald newspaper.

The searches were carried out after the ED detected financial transactions between Young Indian and some accommodation entry operator firms, agency officials said.

ED officials have claimed that in 2010, Young Indian, which has Sonia Gandhi and Rahul Gandhi as major shareholders, acquired AJL and all its assets for a pittance.

Officials said that at the time of AJL’s acquisition, Young Indian, incorporated with a paid-up capital of Rs 5 lakh, did not have a fund of Rs 50 lakh 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 first conducted a probe, said, “This loan of Rs 1 crore was also flagged as suspicious transaction in the Suspicious Transactions Report (“STR”) by Financial Intelligence Unit (“FIU”), 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 a response.

Source link

Leave a Comment