Lucknow: The Enforcement Directorate (ED) has intensified its investigation into alleged financial irregularities linked to suspended IAS officer Abhishek Prakash, targeting his close associate Nikant Jain in a sweeping crackdown. In a major development on Thursday, the ED conducted raids at five locations in Lucknow, including Jain’s residence and office in Vishal Khand.
The action comes in connection with a bribery case involving investors, where Jain is accused of demanding illegal payments from industrialists in exchange for project facilitation, allegedly at the behest of Abhishek Prakash during his tenure as CEO of Invest Uttar Pradesh.
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Trail Leads to Hotelier After Evidence Seized
Following the seizure of incriminating documents from Jain’s residence, the ED also raided the premises of Rajendra Bagga, owner of Regnet Hotel and partner in Golden Blossom, hinting at a wider network of alleged corruption and financial manipulation involving influential business entities.
History of Allegations: From Bribery to Loan Scam
Nikant Jain, who was earlier arrested by the Special Task Force (STF) and is already facing a charge sheet filed by the Special Investigation Team (SIT), was first booked on March 15 under charges of intimidation and extortion.
The case, registered at Gomtinagar Police Station, was filed after an industrialist accused Jain of demanding a bribe for facilitating a solar plant project, allegedly using the influence of suspended IAS officer Abhishek Prakash.
Loan Fraud Case Worth ₹4 Crore Surfaces
Adding to the growing list of serious financial crimes, Lucknow Police recently filed a second FIR against Jain in connection with a ₹4 crore loan fraud case involving Indian Bank.
As per the complaint by the Chief Branch Manager of Indian Bank, Jain allegedly secured the loan by inflating the market value of a land parcel in Sarojini Nagar, in collusion with a bank valuer. The account eventually turned Non-Performing Asset (NPA), triggering a recovery process that revealed the fraudulent valuation.
IAS Officer Abhishek Prakash Suspended Amid Ongoing Probe
IAS officer Abhishek Prakash, from the 2006 batch, was suspended by the Uttar Pradesh government in March 2025 following the revelations of his alleged involvement in coercion, bribery, and misuse of official position.
Sources within investigative agencies suggest that Jain played a key role as a frontman, facilitating deals and financial arrangements under the guise of official channels, using his proximity to the suspended officer.
read also: 6 IRS, One DANIPS Officer Appointed as Deputy Directors in Enforcement Directorate (ED)
Widening Probe and Crackdown Expected
With ED raids now targeting not just bureaucratic aides but also business partners and associates, authorities believe the probe may widen in the coming weeks. Sources indicate that more raids and arrests could follow as documents seized are being scrutinized for evidence of wider corruption networks.
