New Delhi, Dec 29 (IANS) The ED seized five luxury cars, bank lockers and Rs 17 lakh in cash during raids at 10 locations in Delhi, Gurugram and Rohtak against a fugitive, UAE-based businessman involved in illegal extortion and coercive loan settlement of private financers, an official said on Monday.

The Enforcement Directorate (ED), Gurugram Zonal Office, conducted search operations on December 26 and 27 in connection with an ongoing money laundering case against Inderjit Singh Yadav, his accomplices, Apollo Green Energy Ltd and other associated entities/persons under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

The money laundering investigation is scrutinising Yadav’s illegal extortion, coercive loan settlement of Private Financers, arms intimidation and earning commission from such illegal activities, the ED said in a statement.

The search operations also uncovered that a website/portal was developed and operated by Singh Yadav for loan settlement between corporate houses and private financers, it said.

It was revealed that various movable and immovable assets were acquired in the name of Yadav and his family members from the Proceeds of Crime, said the statement.

The ED initiated an investigation based on more than 15 FIRs registered/chargesheets filed by Haryana Police and UP Police under various Sections of Arms Act, 1959, BNS, 2023 and IPC, 1860 against Yadav and his associates.

In the FIRs, it has been alleged that Yadav, owner and key controller of Gem Records Entertainment Pvt Ltd (operating as ‘Gems Tunes’), is a known strongman involved in criminal activities like murder, extortion, coercive settlements of loans given by private financers, fraud, cheating, illegal land grabbing, and violent offences.

Yadav is wanted in various cases of the Haryana Police and is currently absconding and operating from the UAE, said the statement.

The ED investigation revealed that certain corporate houses, like Apollo Green Energy Ltd and others, allegedly borrow huge sums of money in cash from private financers based in Dighal village in Haryana’s Jhajjar district and issue post-dated cheques as security.

Investigation also revealed that Yadav acted as a strongman and enforcer, facilitating coercive settlement of these high-value private loan transactions and financial disputes running into hundreds of crores of rupees.

These settlements were allegedly executed through threats, intimidation, and the use of armed associates/local armed gangs with the involvement of organised crime syndicates operating from abroad, the ED said.

In this process of settlement, he allegedly earned hundreds of crores as commissions from these corporates, said the federal probe agency.

The income so generated by Yadav from these fraudulent ways running into crores was allegedly used for the acquisition of immovable properties, luxury cars and maintaining a luxurious life while declaring minimum income tax returns, said the ED.

The search operation resulted in seizure of five luxury cars, bank lockers, cash amounting to Rs 17 lakh, various incriminating documents, digital devices and digital data related to Yadav and his accomplices, said the statement.

–IANS

rch/uk