PMLA Authority Confirms ED's Asset Attachment of Congress-linked National Herald

The PMLA Adjudicating Authority on Wednesday upheld the Enforcement Directorates attachment of about Rs 752-crore worth assets of Congress-promoted National Herald newspaper and companies linked to it in a money laundering case.The authority said in its order that it believes that the movable assets and equity shares that were attached by the ED are proceeds of crime and linked to the offence of money laundering.The central agency had attached these properties in November last year by issuing a provisional attachment order under the Prevention of Money Laundering Act PMLA against Associated Journals Ltd.

The PMLA Adjudicating Authority on Wednesday upheld the Enforcement Directorate's attachment of about Rs 752-crore worth assets of Congress-promoted National Herald newspaper and companies linked to it in a money laundering case.

The authority said in its order that it believes that the movable assets and equity shares that were attached by the ED are proceeds of crime and linked to the offence of money laundering.

The central agency had attached these properties in November last year by issuing a provisional attachment order under the Prevention of Money Laundering Act (PMLA) against Associated Journals Ltd. ( AJL) and Young Indian (YI).

The National Herald is published by AJL and owned by Young Indian Private Limited. Congress leaders Sonia Gandhi and Rahul Gandhi are majority shareholders of Young Indian with 38 per cent shares held by each one of them.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)