Lucknow: The Enforcement Directorate (ED) carried out multiple raids across Uttar Pradesh on Thursday, targeting Nikant Jain—an alleged middleman and close aide of suspended IAS officer Abhishek Prakash. The searches were conducted in connection with a money laundering probe tied to the Invest UP bribery case.
High-Profile Raids Across Three Cities
ED teams swooped in on Jain’s properties located in Gomti Nagar, Lucknow, including his residence and office in Vikram Khand. Raids also covered his locations in Meerut and Gautam Buddha Nagar (Noida).
One major site of interest was Hotel Regent, co-owned by Rajender Singh Bagga—allegedly a business partner of Jain in the Golden Blossom Resort. The ED also visited the residences of Bagga and another associate, Saurabh Seth.
Scam Details: Bribery, Forgery, and Money Laundering
According to ED officials, the investigation revolves around allegations that Jain demanded a 5% commission from a solar power company to facilitate project approvals in Invest UP. This demand was reportedly made on behalf of then Invest UP CEO, Abhishek Prakash.
Officials say a First Information Report (FIR) was filed against Jain on March 20. He was subsequently arrested and remains in jail, despite receiving bail in one of the cases. He is also facing charges of cheating and forgery in a separate ₹4 crore loan fraud involving Indian Bank.
Trail of Transactions and Fresh Bank Accounts Discovered
The ED reportedly found evidence of large transactions between Jain’s accounts and those of Bagga. The nature of these financial exchanges is currently under examination.
Investigators also uncovered at least five additional bank accounts linked to Jain and his immediate family. These accounts reportedly handled significant sums of money and involved interactions with high-profile individuals.
SIT Files Chargesheet, ED Tightens Probe
An SIT led by Barabanki Additional SP Vikas Chandra Tripathi has already filed a chargesheet in the case. Now, the ED is digging deeper into Abhishek Prakash’s assets and financial dealings.
The financial investigation has triggered further scrutiny into past project approvals under Prakash’s tenure at Invest UP. If proven, the scandal could reveal systemic corruption within state-level industrial facilitation agencies.
What Is Invest UP?
Invest UP is the investment promotion and facilitation agency of the Uttar Pradesh government. It plays a critical role in attracting and enabling industrial investments in the state.
The allegations—if true—strike at the core of the agency’s credibility, and could hurt investor confidence at a time when Uttar Pradesh is positioning itself as a manufacturing hub under the Make in India initiative.
Public Response and Political Impact
The case has raised eyebrows in political and administrative circles. Whistleblowers allege that such demands for “cut money” have been normalized within project facilitation processes.
Legal experts suggest that the matter could pave the way for reforms in how industrial clearances are granted. Transparency, digital processes, and third-party audits may now become central to policy upgrades.
What’s Next?
The ED will likely summon more individuals in the coming weeks, including officials formerly associated with Invest UP. If the trail leads back to Prakash, more stringent action—including possible asset seizures—could follow.
Meanwhile, Jain remains in custody under separate legal proceedings, as layers of alleged financial fraud continue to unravel.
