Property worth `148cr attached in Jagan case
The Enforcement Directorate on Friday attached properties worth `148.89 crore of companies, including VANPIC, belonging to industrialist Nimmagadda Prasad, one of the main accused in the Y.S. Jagan Mohan Reddy quid pro quo investment case.
Around 11,804 acres of land in Prakasam and Guntur allotted allegedly illegally to the companies of Mr Prasad were attached. Earlier the ED had attached `539 crore worth properties of Mr Jagan Mohan Reddy and those valued at `325 crore belonging to Mr Prasad in the same case. The Provisional Attachment was issued under Prevention of Money Laundering Act.
According to ED, Mr Prasad along with other companies and individuals made huge investments in companies floated by Mr Jagan Mohan Reddy in exchange for favours received from the erstwhile undivided AP government. Allotment of land for development of port and industrial corridor, exemption under Urban Land (Ceiling & Regulation) Act were granted when Dr Y.S. Rajasekhar Reddy was Chief Minister. The ED booked a PMLA case based on the CBI case.
The ED said its investigations had revealed that Mr Prasad had allegedly bribed Mr Jagan Mohan Reddy in the form of investments at exorbitant premiums in Jagati Publications Limited, Carmel Asia Holdings Private Limited, Bharathi Cement Corporation Private Limited and Silicon Builders Private Limited to the tune of `779.50 crore.