New Delhi, Dec 29 (NationPress) The Enforcement Directorate (ED) has confiscated five luxury vehicles, bank lockers, and ₹17 lakh in cash following raids at ten locations across Delhi, Gurugram, and Rohtak. These actions target a fugitive businessman based in the UAE, who is under investigation for illegal extortion and coercive loan settlements involving private financiers, as stated by an official on Monday.

The Gurugram Zonal Office of the ED executed search operations on December 26 and 27, as part of an ongoing money laundering investigation concerning Inderjit Singh Yadav, his accomplices, Apollo Green Energy Ltd, and other related entities under the Prevention of Money Laundering Act (PMLA), 2002.

The investigation focuses on Yadav's alleged engagement in illegal extortion, coercive loan settlements for private financers, intimidation through arms, and earning commissions from these illicit activities, as per the ED's statement.

Additionally, it was discovered that Yadav developed and operated a website for loan settlements between corporate entities and private financiers.

The investigation indicates that various movable and immovable assets were acquired under Yadav's name and that of his family members using proceeds of crime.

The ED initiated this probe based on over 15 FIRs filed by Haryana Police and UP Police, alleging multiple offenses under various sections of the Arms Act, 1959, BNS, 2023, and IPC, 1860 against Yadav and his associates.

Among the allegations, Yadav, who oversees Gem Records Entertainment Pvt Ltd (operating as 'Gems Tunes'), is identified as a notorious figure linked to serious criminal activities such as murder, extortion, fraudulent loan settlements, land grabbing, and violent crimes.

Currently absconding and operating from the UAE, Yadav is wanted in various cases by the Haryana Police, according to the statement.

The ED's findings suggest that certain corporations, like Apollo Green Energy Ltd, allegedly borrowed significant amounts of cash from private financiers in Dighal village of Haryana’s Jhajjar district, providing post-dated cheques as security.

Yadav is alleged to have acted as a strongman, facilitating coercive settlements for these high-stakes private loan transactions, resulting in disputes worth hundreds of crores.

Allegedly, these settlements involved threats and intimidation through armed associates and local gangs, with connections to organized crime syndicates abroad.

The income generated from these fraudulent activities, amounting to hundreds of crores, was purportedly used to acquire luxury properties, vehicles, and to sustain a lavish lifestyle while reporting minimal income tax returns.

The search operation culminated in the seizure of five luxury cars, bank lockers, cash totaling ₹17 lakh, various incriminating documents, digital devices, and data related to Yadav and his accomplices.