The Enforcement Directorate on Saturday conducted searches on the premises of RJD chief Lalu Prasad's daughter Misa Bharti and her husband, Shailesh Kumar, in a money laundering case involving shell companies.
Searches were also carried out against Mishail Packers and Printers, in which Ms. Bharti, an MP, and her husband are directors.
The ED probe pertains to a chargesheet filed by the Serious Fraud Investigation Office against Surendra and his brother Virendra Jain, besides others, who laundered money using shell companies and provided accommodation entries against cash receipts from beneficiaries, through mediators.
The agency found that 1.2 lakh shares of Mishail Packers and Printers were bought during the year 2007-08 at Rs. 100 per share unit, allegedly by four shell companies. The ED has identified them as Shalini Holdings Limited, Ad-Fin Capital Services(India), Mani Mala Delhi Properties and Diamond Vinimay.
These companies were allegedly controlled by the Jains.
The Mishail shares were later allegedly bought back by Ms. Bharti at one-tenth the rate, Rs. 10 per unit.
"During investigation, it has been found that Rajesh Agarwal, a Chartered Accountant and mediator, provided Rs.90 lakh in cash to the Jain brothers in advance so as to invest in Mishail Packers and Printers as share premium. It is pertinent to mention that Sh. Aggarwal is also mediator in another accused company Jagat Projects Ltd," said a senior ED official.
The Jains purportedly disclosed that their modus operandi was to receive cash in advance and invest it as share premium in the companies of the beneficiaries.
Subsequently, the shares would be later sold back to the directors or close relatives of beneficiaries at a huge discount, thereby transferring the funds through the banking channel to project it as a legitimate transaction.
Mishail Packers and Printers was registered at the address 25 Tuglak Road, then occupied by the RJD chief, till the shares were bought back by Ms. Bharti. It was only in 2009-10 that its address was changed to Farm No. 26, Palam Farms at Delhi's Bijwasan, alleges the ED.
The ED has already arrested the Jains and the Chartered Accountant and provisionally attached properties worth Rs.65.82 crore in the case.
