The Congress party has denounced the Enforcement Directorate’s (ED) actions against the Gandhi family in the National Herald case, terming it a politically motivated vendetta by the BJP-led government.
During a press conference, senior Congress leaders Abhishek Manu Singhvi and Jairam Ramesh asserted that there has been no money laundering involved. They believe these actions are intended to distract from more pressing national issues. Singhvi noted that Associated Journals Limited (AJL), which publishes the National Herald, was in financial distress, prompting Congress to lend approximately 900 million rupees to help settle debts.
To restructure AJL as a debt-free entity, this loan was transferred to Young India Limited, a not-for-profit company formed with shareholders including Sonia and Rahul Gandhi. This restructuring meant AJL’s debts effectively shifted to Young India on paper, leading to Young India acquiring a significant shareholding in AJL. However, Singhvi clarified that this involved no actual money transfer or asset sale.Under Section 8 regulations, Young India cannot distribute profits as dividends, pay salaries, or buy/sell assets, meaning AJL’s ownership remains unchanged.
The Congress leaders challenged the allegations of money laundering, questioning the existence of a money trail or criminal income, pointing out that the assets of AJL have not been transferred to Young India. They highlighted the lack of evidence to support claims that any director engaged in illicit activities, emphasizing that ownership of AJL’s assets persists regardless of shareholding changes. Thus, they posed queries about the purported money laundering, seeking clarity on where the alleged misconduct occurred.
