Fri, May 26, 2017 | updated 06:32 PM IST

ED attaches properties worth Rs 1.12 crore of Jain Brothers; files prosecution complaint

Updated: May 19, 2017 11:58 IST      
ED attaches properties worth Rs 1.12 crore of Jain Brothers; files prosecution complaint

New Delhi [India], May 19 (ANI): Enforcement Directorate on Friday provisionally attached Agricultural Land belonging to Surendra Kumar Jain and Virendra Jain at Bhatti Village, New Delhi to the extent of Rs. 1,11,96,000.

The prosecution complaint has also been filed against both of them on 18.05.2017, before the Special Court, Patiala House Court, New Delhi.

Earlier following Criminal Complaint filed by the Serious Fraud Investigating Office (SFIO) in the Tis Hazari Courts, Delhi, against Jain Brothers and others, a case under Prevention of Money Laundering Act, 2002 (PMLA) was also initiated by the Enforcement Directorate.

During the investigation under PMLA, it was revealed that M/s Jagat Project Ltd, have converted its unaccounted money to the tune of Rs. 64.70 crore into apparently legitimate transactions by way of share subscription by various companies.

Out of this amount, Rs. 62.20 crore of unaccounted money was laundered through 26 shell companies controlled by Jain Brothers. In lieu of the above accommodation entry of Rs. 62.20 Crore, Jain Brothers have received a consideration of Rs. 1,11,96,000.

The modus operandi of Jain Brothers was to launder the unaccounted money through the process of placement of funds, layering of transactions and the final integration of laundering money into the banking channel camouflaged as legitimate share premium transactions.

Funds were brought in by the mediators on behalf of the beneficiaries through the mediators. Jain Brothers were providing accommodation entries by accepting funds from their beneficiaries through mediators and converting the same into share premium transactions in the beneficiary company. In this process Jain Brothers earned money as a certain percentage of the unaccounted money converted into share premium.

Surendra Kumar Jain and Virendra Jain, the accused in this case were arrested on 20.03.2017 under PMLA and are presently under Judicial Custody. The Enforcement Directorate has filed Prosecution Complaint against both of them on 18.05.2017, before the Special Court, Patiala House Court, New Delhi.

In view of his income from laundering through shell companies, Enforcement Directorate has provisionally attached Agricultural Land, pertaining to Jain Brothers, at Bhatti Village, New Delhi, to the extent of Rs. 1,11,96,000, which is equivalent to the value of proceeds of crime.

Earlier, a hotel property involved in money laundering, to the extent of Rs. 64.70 Crore, managed by Radisson Blu at Plot No. 4, Sector-13, Dwarka, New Delhi was also attached. A total attachment of the property worth Rs. 65.82 Crore has been made so far.

Further investigation is under progress. (ANI)

Pune (Maharashtra) [India],May 26 (ANI-Businesswire India): Bajaj Finserv, India's most diversified financial company, through its lending arm Bajaj Finance, is offering home loans at just 8.50% for a limited period. The special offer is valid till May 29, 2017.

Full Story >>

Jugnoo takes a big leap in restaurant aggregation

Updated: May 26, 2017 16:51 IST     

New Delhi [India], May 26 (ANI-Newsvoir): Jugnoo, India's leading hyper local startup, offering a diverse range of services like rides, ready to eat meals, restaurant food delivery, grocery and B2B Delivery, records phenomenal growth for its restaurant aggregator vertical, menus.

Full Story >>

GST Bill unanimously approved in Tripura

Updated: May 26, 2017 15:15 IST     

Agartala (Tripura) [India], May 26 (ANI): On the concluding day of the three-day session of the Tripura Assembly on Thursday, the Left-ruled state approved the Goods and Services Tax (GST) Bill unanimously by voice vote.

Full Story >>

Sensex surpasses 31,000 mark, shoots by 255.17 points

Updated: May 26, 2017 14:54 IST     

New Delhi [India], May 26 (ANI): Achieving yet another milestone in just a few hours, the Sensex on Friday saw a significant surge, reaching a fresh all time high of 31,005.20, recording a rise by 255.17 points, with Nifty inching closer to the 9,600-mark.

Full Story >>

New Delhi [India], May 26 (ANI): The most economically developed states are not adequately adding to skill sets, which may result in severe shortages of skilled manpower in the coming years, according to an ASSOCHAM-Thought Arbitrage Paper.

Full Story >>

FICCI to set up StudyinIndia pavilion at NAFSA 2017

Updated: May 26, 2017 13:20 IST     

New Delhi [India], May 26 (ANI): The Federation of Indian Chambers of Commerce and Industry (FICCI), along with the Ministry of Commerce, Government of India and Service Export Promotion Council and in partnership with Education Promotion Society for India will be setting up a 'StudyinIndia' pavilion, leading a delegation of over 50 Indian higher education leaders to the 69th Annual NAFSA conference scheduled to take place from May 28 to June 2 2017, in Los Angeles, U.S.A.

Full Story >>

Atal Pension Yojana registers 53 lakh subscribers

Updated: May 26, 2017 12:36 IST     

New Delhi [India], May 26 (ANI): The subscriber base under the Atal Pension Yojana (APY) reached approximately 53 Lakhs. At present, 235 banks and the Postal Department are involved with the implementation of the scheme. Besides the branches of the banks and CBS-enabled offices of India Post, quite a few banks are sourcing subscribers through their internet banking portals in a paperless environment.

Full Story >>

New Delhi [India], May 26 (ANI): The Central Board of Direct Taxes (CBDT) on Friday issued a clarification on furnishing statements of financial transactions.

Full Story >>

New Delhi [India], May 26 (ANI): The market on Friday witnessed a surge in its trade with the Sensex and Nifty hitting an all time high of 30,862.63 and 9,534.75 respectively.

Full Story >>

New Delhi [India], May 26 (ANI-BusinessWire India): ITC Limited has won the prestigious Porter Prize 2017 award for 'Excellence in Corporate Governance and Integration' and for its exemplary contribution in 'Creating Shared Value'.

Full Story >>

New Delhi [India], May 26 (ANI): C-Zentrix, a Gartner Magic Quadrant for CCI 2016-recognised product company and a cloud-based advance communication management provider on Thursday announced the launch of two new products in its customer engagement solutions portfolio, 'TrixChat' and 'ZenBot'.

Full Story >>

nexGTv now available on Amazon's Fire TV Stick

Updated: May 26, 2017 08:10 IST     

New Delhi [India], May 26 (ANI): nexGTv, a subscription-led video entertainment app on Thursday made its big-screen debut with its launch on Fire TV Stick, a digital streaming device from Amazon, and is now available on Amazon India.

Full Story >>

New Delhi [India], May 25 (ANI-NewsVoir): Rakesh Kapur, Joint Managing Director, Indian Farmers Fertiliser Cooperative Limited (IFFCO), has been elected as the Chairman of the International Fertilizer Association (IFA) at the recent IFA's Annual Conference held from May 22nd - 24th in Marrakech, Morocco in which 1400 participants were present.

Full Story >>

New Delhi [India], May 25 (ANI-NewsVoir): Unveiled at its Insights 2017 customer conference, Epicor Software Corporation, a global provider of industry-specific enterprise software to promote business growth, has introduced the latest version of Epicor ERP, the global enterprise resource planning solution in use today by thousands of customers in 150 countries worldwide.

Full Story >>

New Delhi [India], May 25 (ANI): Credit rating agency ICRA expects Indian GDP and gross value added (GVA) at basic prices to expand by 7.1 percent and 6.9 percent, respectively, in year-on-year (YoY) terms in Q4 FY2017.

Full Story >>

New Delhi [India], May 25 (ANI): Alibaba Mobile Business Group on Thursday announced appointment of Young Li as Head of International Business Department.

Full Story >>

New Delhi [India], May 25 (ANI): JobsForHer (JFH), an online connecting portal that enables women on a professional break to restart their careers and achieve their full potential, announces the launch of its second roadshow.

Full Story >>

Aye Finance raises USD 8 mn from Blue Orchard

Updated: May 25, 2017 13:09 IST     

New Delhi [India], May 25 (ANI): Non-banking finance company (NBFC) committed to transforming micro and small enterprise financing in India Aye Finance has announced raising USD eight million from Blue Orchard, a leading global impact investment manager.

Full Story >>

New Delhi [India], May 25 (ANI-BusinessWireIndia): International Career and College Counseling (IC3) Conference has announced the second edition of the Annual Conference, that will be held in New Delhi on August 30 and 31 2017 at JW Marriott, Aerocity.

Full Story >>

Chennai, (Tamil Nadu), [India], May 25 (ANI-NewsVoir): MindHour, one of the fastest growing Edu-tech startup based out of Kolkata takes a step ahead and excited to launch its exclusive products in Tamil Nadu to touch the lives of school going children of class 6-10, ICSE and CBSE boards.

Full Story >>