ED Attaches Indu Group’s Properties Worth Rs 130 Crore

Published: 27th March 2015 06:04 AM  |   Last Updated: 27th March 2015 06:04 AM   |  A+A-

HYDERABAD: The Enforcement Directorate (ED) on Thursday attached assets worth `130 crore of Indu Projects managing director I Syam Prasad Reddy in connection with the alleged illegal assets case of YSRC president YS Jagan Mohan Reddy.

Based on the chargesheet filed by the CBI against Syam Prasad Reddy and Jagan Mohan Reddy alleging Syam Prasad Reddy paid bribes to Jagan in the guise of investments  in group companies of the YSRC leader through the companies of industrialist Nimmagada Prasad as quid-pro-quo for undue favours received by his companies from Andhra Pradesh government. The investigation under PMLA by the ED revealed that Syam Prasad Reddy has laundered the proceeds of crime through his group companies Lepakshi Knowledge Hub Private Limited, Lepakshi Integrated Textile Park, Lepakshi Science and Technology park Limited, in the form of selling and transfer of unduly allotted lands, obtaining bank loans by pledging the part of land allotted by APIIC limited and utilising the funds for other than designated purposes such as clearing old debts, diverting funds for activities of other group companies. 

The proceeds of crime were identified in the form of movable and immovable properties. As the proceeds of crime were involved in money laundering, three immovable properties valued at `128.80 crore and two movable properties valued t `1 crore were attached. The total value of attached properties was about `130 crore.

The attached properties include 8,648.81 acres in Chilamathur of Anantapur district belonging to Lepakshi Knowledge Hub Private Limited, 25 acres in Hingana of Asara Realty Ventures, 2.57 acres of Cyberabad Hitech Integrated Township Development Corporation Private Limited, amount receivable from Greenport AGro food park of Lepakshi Knowledge Hub and amount receivable from Zen Skillproc Private Limited of Lepakshi Knowledge Hub.

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