ED freezes Jagan's Rs 34.66 crore

Published: 01st June 2013 09:38 AM  |   Last Updated: 01st June 2013 09:38 AM   |  A+A-

The Enforcement Directorate (ED) on Friday attached Rs 34.66 crore worth of fixed deposits belonging to a media firm belonging to YSR Congress Party chief Jaganmohan Reddy, terming it as ‘proceeds of crime’.

And the provisional attachment order against the FD in the name of Jagati Publications Ltd  was issued under Section 5 (1) of the Prevention of Money Laundering Act (PMLA).

As per the ED’s Enforcement Case Information Report (ECIR), the late Y S Rajasekhra Reddy, former  Chief Minister of Andhra Pradesh and father of Jaganmohan,had abused his official powers to grant favours to the latter.

“(The)Investigation under PMLA has revealed inter-alia that payment of funds by A K Dandamudi,T R Kannan and Madhav Ramchandra totalling `34.66 crore to M/s Jagati Publication Ltd., by committing offences under criminal conspiracy and cheating etc are proceeds of crime, parked with Oriental Bank of Commerce by M/s Jagati Publication Ltd.

 This Attachment Order is 3rd, thus total attachments of the assets have been Rs 229.40 crore,” the agency said in its order.In October, the ED had attached properties of two companies -- Jagati Publications and Janani Infrastructure Pvt Ltd -- both owned by the YSR Congress chief.

The total value of the attached properties as declared by the ED authorities was around `51 crore. Later in January, the enforcement authorities had attached assets worth `143.74 crore claiming it as proceeds of crime.

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