ED Attaches Assets Worth Rs 863 Crore of Jagan, Aide

The Enforcement Directorate (ED) on Wednesday attached assets worth Rs 863 crore of YSR Congress Party chief Jaganmohan Reddy

Published: 06th March 2014 08:10 AM  |   Last Updated: 06th March 2014 08:10 AM   |  A+A-

The Enforcement Directorate (ED) on Wednesday attached assets worth Rs 863 crore of YSR Congress Party chief Jaganmohan Reddy, businessman Nimmagadda Prasad and their companies in one of the biggest attachment order in the money laundering cases in the country.

The provisional attachment order against the properties in the name of Jagan’s companies Carmel Asia Holdings Pvt Ltd and Jagathi Publications Ltd as well as Prasad and his companies, G2 corporate Services Ltd, Alpha villas Pvt. Ltd, Alpha Avenues Pvt Ltd, Gilchrist Investment Pvt Ltd,  Suguni Constructions Pvt Ltd and Beta Avenues Pvt Ltd, was issued under Section 5 of the Prevention of Money Laundering Act and relevant sections of the IPC. Terming it as ‘proceeds of crime’, the ED said the accused hatched criminal conspiracy to clear controversial Vadarevu and Nizampatnam Ports and Industrial Corridor project, comprising development of two sea ports at Vadarevu and Nizampatnam, port-based industrial corridor in Prakasam and Guntur districts. The directorate while examining the circuitous route of money laundering in the case further said that various concessions were extended to the VANPIC project such as allotment of government land to the companies floated by Nimmagadda Prasad in violation of prevailing rules, development of shipyard, green filed airport, exemptions from levy of stamp duty and registration charges and other undue benefits.

The ED has alleged that late Y S Rajasekhra Reddy during his stint as Chief Minister of Andhra Pradesh from May 2004 to August 2009 abused his office to benefit his son Jagan. The ED had claimed that Jagan floated number of companies wherein quid-pro-quo investments have been made by the companies favoured by the then state government while doling out irrigation contracts, SEZs and mining leases.

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