ED attaches Jagan assets worth 117cr
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New Delhi: The Enforcement Directorate on Wednesday said it has attached assets worth ` 117.74 crore in connection with its money laundering probe in a case against YSR Congress chief Jagan Mohan Reddy and others.
Official sources said the central probe agency’s zonal office in Hyderabad issued a provisional order for attachment of these properties.
New Delhi, Jan. 3: The ED on Wednesday said it has attached assets worth ` 117.74 crore in connection with its money laundering probe in a case against YSR Congress chief Jagan Mohan Reddy and others.
Official sources said the agency’s zonal office in Hyderabad issued a provisional order for attachment of these properties under the Prevention of Money Laundering Act ( PMLA). The ED said it has attached “movable and immovable assets worth ` 117.74 crore under the PMLA of companies of I. Syam Prasad Reddy, Indu Projects, Embassy Property Developments and Vasantha Projects in the the InduAPHB ( Andhra Pradesh Housing Board) case related to Y. S. Jagan Mohan Reddy.”
In a statement, it said this case pertains to a “quid pro quo investment where I. Syam Prasad Reddy made huge investments in the companies floated by Y. S. Jagan Mohan Reddyf or thef av ours received from former Andhra government by way of allotment of 8,844 acre of land for Lepakshi Knowledge Hub Private Ltd, 250 acres of land at Shamshabad for Indu Techzone Private Ltd and various housing projects to Indu Group”.