Trouble for former NCP MP and close aide of Sharad Pawar Ishwarlal Jain is likely to increase as Directorate of Enforcement has recovered only Rs 1 crore cash and 39 kg gold and diamond jewellery in the raid. The value of these jewellery is around Rs 25 crore.
ED, on August 17, had conducted raids at 13 premises in Jalgaon, Nashik and Thane of Rajmal Lakhichand Jewellers Pvt Ltd, R L Gold Pvt. Ltd., Manraj Jewellers Pvt. Ltd. and their promoters such as former NCP Rajya Sabha MP Ishwarlal Shankarlal Jain Lalwani (77), his family members including Manish Ishwarlal Jain Lalwani, Pushpa Devi and Neetika Manish Jain.
It is alleged that Ishwarlal Jain had taken Rs 353 crore loan from State Bank of India. But he had not deposited loan instalments. While taking loan, Ishwarlal Jain had declared 1300 kg of jewellery in his stock. But when ED raided his premises only 40 kg could be recovered.
“Officers are probing where remaining jewellery has gone. Jain has failed to show documents as to where Rs 353 crore has been actually used. If he doesn't come up with answers, Jain will get into more trouble,” said an official.
Jain has family ties in Rajasthan
Ishwarlal Jain is a well-connected businessman. A close aide of NCP supremo Sharad Pawar, Jain is also connected with Rajasthan UDH minister Shanti Dhariwal. Jain's grandson is married to Dhariwal's granddaughter.
Apart from that Jain is also a relative of a leading jeweller and social worker of Jaipur Sumer Singh Bothra. Jain's daughter is married to Bothra's son Upendra Bothra.
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