The Enforcement Directorate (ED) has taken provisional measures to attach multiple assets linked to Ishwarlal Jain, a prominent member of the Nationalist Congress Party (NCP) and a former Rajya Sabha MP, as part of an ongoing money laundering inquiry.
Ishwarlal Jain, who formerly held the position of treasurer in the NCP, is known to have a close association with the party's leader, Sharad Pawar.
This action encompasses approximately 70 immovable assets situated in various regions, including Jalgaon, Mumbai, Thane, Sillod in Maharashtra, and Kutch in Gujarat, among other locations. In addition to these properties, the investigative agency has also taken into custody substantial quantities of silver, diamond jewelry, and currency. The total estimated value of all these assets is Rs 315.60 crore, according to official reports.
These seized movable and immovable properties encompass assets allegedly acquired under fictitious names by Ishwarlal Jain, his son Manish Jain, and others closely associated with them.
The ED's case against Jain is rooted in a bank fraud First Information Report (FIR) filed by the Central Bureau of Investigation (CBI) in 2022, which pertains to jewelry companies associated with Ishwarlal Jain and his colleagues.
According to the investigative agency, their examinations, initiated following a complaint filed by the State Bank of India, disclosed that Jain and other individuals linked to these jewelry companies were embroiled in various criminal activities, including conspiracy, fraud, forgery, and misconduct, leading to a substantial financial loss exceeding Rs 352.49 crore to the bank.
The accused parties are accused of submitting fraudulent financial records to secure substantial loans from the bank and engaging in deceptive financial transactions designed to artificially inflate their financial standings. Consequently, they have diverted these funds through illegal channels, as per the findings of the ED.
Previously, the agency had conducted search operations at 13 different official and residential properties affiliated with the business group that Ishwarlal Jain is part of. These investigations revealed multiple instances of financial misconduct. Further inquiry into these matters is ongoing.
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