Nagpur, India- The Enforcement Directorate (ED) has filed a legal complaint against Ishwarlal Shankarlal Jain, a former Rajya Sabha MP from the NCP, his son Manish Ishwarlal Jain, and others connected to a money laundering case. The complaint was submitted to the Special (PMLA) Court in Nagpur under the Prevention of Money Laundering Act (PMLA) of 2002. This case has drawn attention because of Ishwarlal Jain's political connections, as he is close to NCP (SP) Chief Sharad Pawar. The complaint, filed on June 26, follows a detailed investigation by the ED into fraudulent activities by several companies, including M/s Rajmal Lakhichand Jewelers Pvt Ltd, M/s R L Gold Pvt Ltd, and M/s Manraj Jewelers Pvt Ltd.

The complaint accuses Ishwarlal Shankarlal Jain, Manish Ishwarlal Jain, and other directors and promoters of these companies of crimes such as conspiracy, cheating, forgery, and misconduct. These actions reportedly caused the State Bank of India a loss of Rs 352.49 crore plus interest. The ED found that the accused had committed several fraudulent acts, including submitting fake financial statements to get loans, manipulating financial records to inflate company values, and using loan money for real estate investments. They also allegedly sold mortgaged properties without the bank's permission and destroyed important data to cover up their activities.

In August 2023, the ED searched 13 locations connected to the Rajmal Lakhichand group in Jalgaon, Nashik, and Thane. They seized gold, silver, and diamond jewellery worth Rs 24.36 crore and Rs 1.121 crore in cash, along with other important documents. The investigation found significant discrepancies in-stock inventories, the use of shell companies, and the hiring of fake directors. On October 13, 2023, the ED provisionally seized assets worth Rs 315.60 crore, including windmills, jewellery, and properties owned under fake names. The PMLA Adjudicating Authority in New Delhi confirmed this seizure on January 19, 2024. The Special (PMLA) Court in Nagpur acknowledged the prosecution complaint on July 26.