ED arrests Sanjay Jain in probe against Iffco chief

NEW DELHI: In its ongoing investigations against US Awasthi, MD of Iffco, the ED has arrested Sanjay Jain accusing him of channelising the proceeds of crime from foreign shores to India.

Last year, the agency filed a chargesheet in the case and trial is still pending. Jain is accused of receiving Rs 37 crore and his business partner AD Singh received Rs 28 crore from Dubai allegedly through 'illicit' means.

Earlier, the ED had arrested Singh and Alok Kumar Agarwal with whom he had business relations. Jain was arrested on October 6 and has been remanded to ED custody till Tuesday. A money laundering investigation was initiated on the basis of an FIR registered by the CBI last year against Awasthi, the MD and CEO of Indian Farmers Fertilizer Cooperative Ltd (Iffco), Pravinder Singh Gahlaut, MD, Indian Potash Ltd (IPL), Sanjay Jain, brother of Pankaj Jain, president of Jyoti Trading Corporation.

The other beneficial owner of entities linked to Jyoti Group, Amarendra Dhari Singh alias AD Singh have been accused of criminal conspiracy, cheating and criminal misconduct.