National Herald case ‘very strange', Sonia Gandhi in Court – ‘worse than having Hamlet without Prince of Denmark'
Singhvi began his rebuttal after additional Solicitor General SV Raju for ED on July 3 concluded his arguments on the point of cognisance of the chargesheet filed in the case.
"This is truly a strange case. More than strange. Unprecedented. This is an alleged case of money laundering, without any property, without use or projection of property," Singhvi argued.
The agency has accused Sonia and Rahul Gandhi, late Congress leaders Motilal Vora and Oscar Fernandes, Suman Dubey, Sam Pitroda, and a private company, Young Indian, of conspiracy and money laundering over the fraudulent takeover of properties valued over ₹ 2,000 crore belonging to the Associated Journals Limited (AJL), which published theNational Herald newspaper.
Sonia and Rahul were named as accused number 1 and number 2 in the chargesheet. This was the first time a chargesheet has been filed against Sonia Gandhi and Rahul Gandhi.
ED alleges Gandhis held the majority 76 per cent shares in Young Indian, which fraudulently usurped AJL's assets in exchange for a ₹ 90 crore loan.
Singhvi, however, submitted that the exercise was undertaken to make AJL debt-free.
"Every company is entitled under law and does, every day, make their companies get free by a variety of instruments. So you take away the debt and assign it to another entity. So this company becomes debt free," Singhvi said.
He said that Young Indian was a not-for-profit company. "This means it cannot give dividends, perks, salaries, or bonuses. It can give nothing," the senior lawyer argued.
Singhvi said the ED did not do anything for several years and instead picked up a private complaint.
"They are, obviously people associated with the Congress. To have the National Herald in a body not associated with the Congress would be worse than having Hamlet without the Prince of Denmark," he said.
Singhvi continued by mentioning the grounds on which the present court did not have the jurisdiction to try the case.
On July 3, Raju argued on the point of chargesheet's cognisance, saying the Gandhis were the "beneficial owners" of Young Indian and acquired its total control after the death of other shareholders.
The ED filed its chargesheet against the Gandhis and others under Sections 3 (money laundering) and 4 (punishment for money laundering) of the Prevention of Money Laundering Act (PMLA).
This is truly a strange case. More than strange. Unprecedented. This is an alleged case of money laundering, without any property, without use or projection of property.
The chargesheet also names Dudey, Pitroda, Sunil Bhandari, Young Indian, and Dotex Merchandise Private Limited.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hans India
15 minutes ago
- Hans India
ED arrests Delhi-based forex supplier in case linked to Rs 903 crore Chinese App fraud
New Delhi: The ED arrested a foreign currency businessman and one of the masterminds in a Chinese App investment fraud case involving over Rs 903 crore and seized incriminating documents during searches at his five premises in Delhi, an official said on Friday. Rohit Vij, the mastermind in the conversion of proceeds of crime into forex, was arrested on June 30 for his links to a fake investment app named 'LOXAM', claiming to be related to a reputed French MNC Group of the same name. The business entities and associates of Vij were searched under the provisions of PMLA, 2002, said an official. After arresting Vij, the ED produced him in a Special PMLA Court, which sent him to the probe agency's custody for five days. The federal agency had initiated an investigation against Vij and his associates on the basis of the FIR registered by Cyber Crime, Hyderabad. It was alleged that some Chinese individuals, in association with Indians, have defrauded various investors by luring and offering unrealistically high returns on investments through their fake investment app. ED investigation revealed that the tainted money was collected in the bank account of a shell entity, M/s Xindai Technologies Pvt Ltd, which was formed in the name of an Indian person, on the instructions of a Chinese national, namely Jack. The probe agency said Jack took the Internet Banking credentials and routed the funds collected through 38 mule accounts, which were subsequently converted into foreign currencies with the help of Vij and his associates through shell money changer entities like Ranjan Money Corp Pvt Ltd and KDS Forex Pvt Ltd, controlled by them, based in Delhi. Vij and his associates converted the tainted amount into foreign currencies, mostly in US dollars and UAE Dirham, through multiple Authorised Money Changers (AMCs)/Full Fledged Money Changers (FFMCs), and gave them to a Chinese fraudster through various middlemen through hawala channels. An amount totalling Rs 171.47 crore was laundered through M/s Xindai Technologies Pvt Ltd and subsequently converted into forex through M/s Ranjan Moneycorp Pvt Ltd and M/s KDS Forex Pvt Ltd. However, from the analysis of bank accounts of M/s Ranjan Money Corp and M/s KDS Forex Pvt Ltd, it was found that within a period of seven months, these entities, under the control and operation of Rohit Vij, converted Rs 903 crore of similar tainted money generated by Chinese perpetrators of fraud and other accused persons.
&w=3840&q=100)
First Post
18 minutes ago
- First Post
7 ways Trump's Big Beautiful Bill will impact non-Americans
Framed as a bill to restore American strength, reduce inflation, and fund US priorities, Trump's new legislative proposal also carries significant consequences for the rest of the world, particularly non-Americans read more Speaker of the House Mike Johnson, R-La, surrounded by Republican members of Congress, signs US President Donald Trump's signature bill of tax breaks and spending cuts, July 3, 2025, at the Capitol in Washington, DC, US. File Image/AP US President Donald Trump's newly passed legislative package, also known as the One Big Beautiful Bill Act, marks one of the most sweeping overhauls of America's tax, trade, and immigration systems in recent times. While the bill is pitched as a way to 'restore American strength' and redirect national spending to domestic priorities, its global consequences are wide-ranging, particularly for non-Americans across the world. Here are 7 key ways the bill is expected to shape lives and economies outside the United States: STORY CONTINUES BELOW THIS AD 1. Remittance tax to hit foreign households The bill imposes a 1% tax on cash remittances sent from the US to other countries. This will affect millions of families in major remittance-dependent economies like India, Mexico, and the Philippines, potentially reducing their annual income by billions of dollars. The tax does not apply to wire or bank-based transfers. 2. Withholding uncertainty for foreign investors While the bill does not impose new withholding taxes on foreign investors, it includes broad corporate tax changes that could affect foreign-owned US assets. Global banks, pension funds, and sovereign wealth entities are bracing for potential regulatory changes that could erode returns on US-linked investments. 3. Trade tensions may escalate The repeal of the 'de minimis' exemption means that small shipments from foreign retailers into the US, previously untaxed if valued under $800, will now be subject to tariffs. This could disproportionately hit exporters in China, the EU, and Latin America, possibly sparking retaliatory trade measures. 4. Climate commitments rolled back The bill rolls back key clean energy tax credits established under the Inflation Reduction Act, including subsidies for electric vehicles, solar panels, and wind energy projects. This may stall momentum in global green supply chains, particularly among US-EU climate partnerships and Asia-based component suppliers. 5. Tighter US immigration access STORY CONTINUES BELOW THIS AD The legislation ramps up funding for ICE and Border Patrol and introduces a minimum $100 fee on asylum applications. Although lower than earlier proposals, the new cost barriers could impact international students, temporary workers, and refugees, making the path to the US more expensive and bureaucratic. 6. Ripple effects in global markets From taxes on remittances to regulatory changes in energy and trade, the bill could cause a shift in global investment strategy, increased dollar volatility, and a realignment of financial exposure away from the US by emerging economies. 7. Concerns over US global commitments While the bill does not explicitly cut foreign aid, critics warn that its massive domestic spending increases — including over $170 billion for immigration enforcement — could lead to future reductions in US contributions to global health, development, and humanitarian programs. President Trump's 'big beautiful' promise is already reshaping the US economy, and its effects will be felt far beyond American borders. From higher remittance costs and tighter visa controls to new barriers for global trade and climate cooperation, the bill signals a sharp turn inward, with real consequences for the rest of the world. STORY CONTINUES BELOW THIS AD
The Hindu
19 minutes ago
- The Hindu
Government counters Opposition campaign that delayed emergency response caused hospital collapse death
The State government appeared to scramble to contradict the Opposition's strident campaign that the 'callous delay' in search and rescue operations had cost the life of Bindu, 52, the sole fatality in the partial collapse of a building on the Kottayam Government Medical College Hospital (MCH) campus on Thursday. Cooperation Minister V.N. Vasavan, who called on Bindu's bereaved family at Thalayolaparambu on Friday, told reporters that the post-mortem report indicated Bindu had died instantaneously. 'She had suffered a fatal head injury from the falling debris,' he said. Mr. Vasavan termed the Congress's propaganda that the government's uncaring inference that no one was under the debris had caused Bindu to suffer a lingering death as 'a maliciously misleading lie.' He said Bindu was acting as a bystander for her daughter, Veena, who required a costly and protracted treatment, including complicated surgeries, when the tragedy struck. 'Free of cost' Mr. Vasavan said Apollo Hospital would treat Ms. Veena free of cost. The government would provide temporary employment to Bindu's son. The Cabinet on July 11 will declare the compensation amount for Bindu's family based on the report submitted by the Kottayam Collector. Quoting a timeline, Mr. Vasavan said the Ministers and officials had reached the accident site within minutes of the collapse. He told the decades-old building lacked a separate pathway for emergency responders. 'Firefighters had to cut through an iron barricade to move earth movers to the spot for the search and rescue mission. Any attempt to punch a way through the structure to reach the accident site would have caused further mishap,' he said. The administration evacuated 360 patients from six wards to a safer block. The two injured individuals were transferred to critical care units. Mr. Vasavan accused the Congress and the Bharatiya Janata Party (BJP) of politicising the tragedy for 'cheap media mileage.' He criticised the Congress for laying siege to the hospital and blocking the ambulance carrying Bindu's dead body to her home. Organ transplants Mr. Vasavan also criticised the Congress and the BJP for seeking to tarnish the reputation of the hospital, which was at the forefront of organ transplants and cardiothoracic surgeries in the country. 'A liver transplant at the MCH costs only ₹3 lakh compared to ₹50 lakh charged by a corporate hospital,' he added. He also criticised the Congress and the BJP for allegedly disparaging hospital superintendent T.K. Jayakumar. 'Dr. Jayakumar, a winner of Kerala Shree and the State government's best doctor award, has conducted upwards of 2,000 heart surgeries, including valve replacement. He is instrumental in executing a ₹526-crore hospital development project, including the 14 surgical theatres, eight super speciality theatres and over 500 beds,' Mr. Vasavan said.
