ED ATTACHES `117.74 CR JAGAN ASSETS
The Enforcement Directorate on Wednesday attached assets worth `117.74 crore in connection with a money-laundering case it is investigating against YSR Congress chief Jagan Mohan Reddy and others.
The ED said it has attached “movable and immovable assets worth `117.74 crore under the Prevention of Money Laundering Act of companies of I Syam Prasad Reddy, Indu Projects, Embassy Property Developments and Vasantha Projects in the Indu-APHB case related to Y.S. Jaganmohan Reddy.”
The central investigation agency’s zonal office in Hyderabad issued a provisional order (PO) for attachment of these properties under the Prevention of Money Laundering Act (PMLA).
The Enforcement Directorate on Wednesday attached assets worth `117.74 crore in connection with a money-laundering case it is investigating against YSR Congress chief Jaganmohan Reddy and others.
The Enforcement Directorate began investigating Mr Jaganmohan Reddy and his associates based on a FIR filed by the CBI.
According to the FIR, in May 2004, Mr Reddy floated a number of companies wherein quid pro quo investments were made by those who benefited from decisions of the state government in various projects like SEZs (special economic zones), irrigation contracts, relaxation/permission for real estate ventures and mines among others.
In July 2017, the ED had attached assets worth over `148 crore of Mr Reddy for illegally allotting 11,804.78 acres of land to companies of Nimmagadda Prasad in Prakasam and Guntur districts of Andhra Pradesh.”