ED raids multiple locations in NCR region in illegal loan settlement probe
NEW DELHI: The Enforcement Directorate (ED) conducted searches across Delhi, Gurugram and Rohtak against Inderjit Singh Yadav, owner of Gem Records Entertainment, in a money laundering probe, the agency said on Monday. Yadav allegedly acted as a muscleman for coercive loan settlements between corporates like Apollo Green Energy and private financers, earning crores in commissions through intimidation and armed associates. Currently absconding in UAE, he's wanted in more than 15 cases, the probe agency said. The agency has conducted search operations on December 26 and December 27 at ten locations in Delhi, Gurugram and Rohtak against 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 has been initiated in connection with Inderjit Singh Yadavs illegal extortion, coercive loan settlement of Private Financers, arms intimidation and earning commission from such illegal activities, the agency said. The federal investigative agency had initiated the probe on the basis of more than 15 FIRs registered and chargesheets filed by Haryana Police and UP Police under various sections of Arms Act, BNS 2023 and IPC 1860 against Inderjit Singh 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 Haryana Police and is currently absconding and operating from UAE, the agency said. The agency said that certain corporate houses like Apollo Green Energy Ltd and others allegedly borrow huge sums of money in cash from Dighal, Jhajjar-based private financers and issue post-dated cheques as security. Investigation also revealed that Inderjeet Singh 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 and local armed gangs with the involvement of organised crime syndicates operating from abroad. In this process of settlement, he allegedly earned hundreds of crores as commissions from these corporations, the agency said. The income so generated by Inderjit Singh Yadav from these fraudulent ways running into crores were allegedly used for acquisition of immovable properties, luxury cars and maintaining luxurious life while declaring minimum income tax returns. The search and seizure operation resulted in seizure of five luxury cars, bank lockers, cash amounting to Rs 17 lakhs, various incriminating documents, digital devices and digital data related to Inderjit Singh and his accomplices, the agency said. The search also uncovered that a website was developed and operated by Yadav for loan settlement between corporate houses and private financers. Further, during the search operation, it is revealed that various movable & immovable assets were acquired in the name of Inderjit Singh Yadav and his family members from the Proceeds of Crime. Further investigation is under progress, the agency added.
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