New FIR in National Herald case—the money laundering, criminal conspiracy, and misuse of Associated Journals Ltd (AJL) assets case has been given a fresh lease of life with the filing of a new FIR.
New FIR filed in National Herald case
The Enforcement Directorate complaint has been forwarded to the Delhi Police Economic Offences Wing (EOW) for further action, and based on it, a fresh FIR was filed. This FIR has the potential to open a can of worms in the long-pending case involving National Herald and heighten legal gaze on financial transactions related to Associated Journals Limited (AJL) and Young Indian (YI), a company controlled by senior political leaders.
What Triggered the Fresh FIR
The FIR was lodged on the basis of a report submitted by the ED, which brought out suspected financial irregularities. The ED’s complaint referred to several transactions they claim were intended to illicitly take over AJL’s properties worth over ₹2,000 crore for a paltry sum.
Core Allegation
At its heart is the allegation that AJL, which used to print the National Herald, was effectively taken over in a structured financial deal comprising loans and transfers to and from shell companies and inappropriate payments.
According to investigators:
- Young Indian allegedly managed to take over AJL by paying a mere ₹50 lakh while regaining control of properties worth thousands of crores.
- A firm based in Kolkata donated ₹1 crore to Young Indian, which was allegedly used to carry out the acquisition.
- Some transactions stated to be for “donations,” “advance rent”, and “advertisement revenue” could be bogus or layered under the guise of money laundering.
Key Legal Sections in the FIR
The FIR includes charges under:
- Section 120B – Criminal conspiracy
- Section 406 – Criminal breach of trust
- Section 420 – Cheating
- Section 403 – Dishonest misappropriation of property
It is also connected to the Prevention of Money Laundering Act (PMLA), as the ED’s complaint is the basis of the FIR.
Why This FIR Is Significant
This FIR plugs an earlier legal loophole: the ED was probing money laundering, but there was no FIR registered by the police for the underlying crime (a “predicate offence”).
The fresh FIR now enables both agencies to begin full criminal prosecution.
Properties Under Scrutiny
Investigators are probing the assets of AJL, such as
- Herald House in New Delhi
- AJL properties in Mumbai
- AJL building in Lucknow
These are the properties at the center of the supposed improper acquisition.
How the Alleged Takeover Happened
According to the FIR, the All India Congress Committee (AICC) had lent over ₹90 crore to AJL. Young Indian subsequently paid a small portion of this sum to obtain the right to recover the loan, in effect taking control of AJL and all its assets.
Why ED Says the Transactions Are Fraudulent
The ED’s case is that the business transactions were not bona fide commercial activities and were intended to:
- Conceal the flow of funds
- Launder unaccounted money
- Transfer AJL assets to Young Indian at artificially low prices
Political Response
The FIR has been called politically motivated and an attempt to reopen settled issues by those named in the case. They maintain that AJL’s financial transactions were legal and aboveboard.
FAQs—National Herald Case
What is the new FIR about?
The new FIR accuses a group of persons and firms of conspiring to usurp the assets of AJL through fraudulent financial transactions, sham property transfers at undervalued rates, and money laundering.
Who is named in the FIR?
It lists the names of certain political figures, AJL functionaries, directors of Young Indian, and a Kolkata-based company allegedly funding the takeover.
Why was this FIR filed now?
It was filed in response to evidence submitted by the ED, which stated that a police case was required by law for any further criminal proceedings.
What laws have been invoked?
The EOW will summon those named for questioning and collect financial documents. Courts will then decide whether to formally take up the case.
