{"id":16508,"date":"2024-05-08T10:50:41","date_gmt":"2024-05-08T10:50:41","guid":{"rendered":"https:\/\/jammubulletin.com\/site\/?p=16508"},"modified":"2024-05-08T10:50:41","modified_gmt":"2024-05-08T10:50:41","slug":"sajad-lone-mentions-dispute-with-minerals-and-metals-trading-corporation-in-poll-affidavit","status":"publish","type":"post","link":"https:\/\/jammubulletin.com\/site\/sajad-lone-mentions-dispute-with-minerals-and-metals-trading-corporation-in-poll-affidavit\/","title":{"rendered":"Sajad Lone Mentions Dispute With Minerals And Metals Trading Corporation In Poll Affidavit"},"content":{"rendered":"<p>SRINAGAR, May 8: Separatist-turned-mainstream politician and People\u2019s Conference chairman <a href=\"https:\/\/jammubulletin.com\/site\/sajad-lone-demands-fir-against-farooq-abdullah-cong-leaders-for-rigging-1987-jk-assembly-polls\/\">Sajad Gani Lone<\/a> has disclosed assets worth around Rs 12 crore and also mentioned a dispute spanning 30 years with the Minerals and Metals Trading Corporation in his election affidavit. Sajad Lone, who joined mainstream politics and revived his father Abdul Gani Lone\u2019s People\u2019s Conference, has liability to the tune of Rs 6.9 crore, showed the affidavit, filed by the 57-year-old as part of his nomination papers to contest the Lok Sabha polls from Jammu and Kashmir\u2019s Baramulla constituency on May 20.<br \/>\nHe is contesting against National Conference vice president <a href=\"https:\/\/jammubulletin.com\/site\/mehbooba-joined-india-alliance-just-to-get-seat-omar-abdullah\/\">Omar Abdullah<\/a>.<br \/>\nThe movable assets of Sajad Lone\u2019s wife Asma Khan, the daughter of terrorist outfit Jammu and Kashmir Liberation Front\u2019s founder Amanullah Khan, are worth Rs 54.80 lakh, according to the affidavit.<br \/>\nThe wealth of his sons M Emmad Lone and M Adnan Lone, who are his partners in a commercial venture in Srinagar, is also in crores of rupees, the document showed.<br \/>\nSajad Lone, a former minister in the previous PDP-led government, has also listed in the affidavit the disputed amount under arbitration with the Minerals and Metals Trading Corporation (MMTC), which dates back to his participation in the \u201cGold for Gold\u201d scheme in the early 1990s.<br \/>\nThe Central Bureau of Investigation (CBI) and the <a href=\"https:\/\/jammubulletin.com\/site\/ed-moves-hc-for-cancellation-of-lal-singhs-bail\/\">Enforcement Directorate<\/a> (ED) had registered a case in 1995 after which the MMTC began arbitration proceedings in 2001 against a firm of Sajad Lone and two of his associates in another company for the recovery of a loan in gold given for making ornaments for export.<br \/>\nSajad Lone had allegedly taken gold from the MMTC under its \u201cGold for Gold\u201d scheme in 1993-94. Under the scheme, parties registered within Customs-bound areas took gold from the MMTC and converted it into ornaments for export.<br \/>\nThe parties that availed the loans were supposed to return the principal amount in gold to the corporation while the interest was payable in cash.<br \/>\nThe MMTC had alleged that Sajad Lone left the country immediately after availing the loan, following which the corporation registered a complaint with the CBI in 1994 and the ED in 1995.<br \/>\nIn his 2014 poll affidavit, Sajad Lone had put the value of movable assets of his wife at Rs 24.5 lakh and his two dependents (sons) at Rs 14,668 and Rs 8,996, respectively, with value of immovable assets, including a flat in Haryana, besides other properties worth Rs 6.5 crore each.<br \/>\nA graduate from the University of Wales, College of Cardiff, UK, Sajad Lone in his latest affidavit showed that his annual income, according to the Income Tax Returns, grew from more than Rs 37 lakh in 2018-19 to Rs 81.79 lakh in 2022-23.<br \/>\nThe stark contrast in his financial position since the 2014 elections has been attributed to rental and business earnings, along with pension from his time as a former MLA.Sajad Lone\u2019s financial portfolio includes a luxury car, multiple bank accounts and substantial investments in properties such as a commercial building in Srinagar and a residential building in Handwara. His total immovable assets, including those jointly owned with his dependents, amount to around Rs 11.20 crore.<\/p>\n<figure id=\"attachment_16509\" aria-describedby=\"caption-attachment-16509\" style=\"width: 300px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-16509\" src=\"https:\/\/jammubulletin.com\/site\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-08-at-4.19.28-PM-300x192.png\" alt=\"Sajad Lone Mentions Dispute With Minerals And Metals Trading Corporation In Poll Affidavit\" width=\"300\" height=\"192\" \/><figcaption id=\"caption-attachment-16509\" class=\"wp-caption-text\">Sajad Lone Mentions Dispute With Minerals And Metals Trading Corporation In Poll Affidavit<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>SRINAGAR, May 8: Separatist-turned-mainstream politician and People\u2019s Conference chairman Sajad Gani Lone has disclosed assets worth around Rs 12 crore and also mentioned a dispute spanning 30 years with the Minerals and Metals Trading Corporation in his election affidavit. Sajad Lone, who joined mainstream politics and revived his father Abdul Gani Lone\u2019s People\u2019s Conference, has [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[15,89,54],"tags":[],"class_list":["post-16508","post","type-post","status-publish","format-standard","hentry","category-jammu-and-kashmir","category-national","category-political"],"gutentor_comment":0,"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sajad Lone Mentions Dispute With Minerals And Metals Trading<\/title>\n<meta name=\"description\" content=\"Separatist-turned-mainstream politician and People\u2019s Conference chairman 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