ED orders seizure of Jagan's property

The Enforcement Directorate (ED) has been given the nod to attach two sets of properties in two high-profile cases being investigated in the state.

Published: 21st February 2013 07:56 AM  |   Last Updated: 21st February 2013 10:08 AM   |  A+A-

Jagan-Mohan-Reddy

The Enforcement Directorate (ED) has been given the nod to attach two sets of properties in two high-profile cases being investigated in the state: one lot worth Rs 51 crore belonging to Jagan Mohan Reddy and some of the investors in his media business, and another worth Rs 71 crore belonging to Emaar MGF in the Emaar land scam.

The attachment orders were issued by ED last year, and the companies in question challenged them before the adjudicating authority of the Prevention of Money-laundering Act (PMLA), which ruled against them in New Delhi on Wednesday.

The attached properties in the Jagan Mohan Reddy assets case include 13 acres of land belonging to M/s Janani Infrastructure Pvt Ltd, which owns the building housing Jagan’s Sakshi TV channel, and fixed deposits worth Rs 14.50 crore belongng to his M/s Jagathi Publications Ltd.

Also bundled in this lot are 35 acres of land and a fixed deposit of Rs 3 crore held by M/s Hetero Drugs Limited, 96 acres of land belonging to M/s APL Research Centre Limited, a subsidiary of M/s Aurobindo Pharma, and a fixed deposit of Rs 3 crore held by Aurobindo Pharma. All of these companies are accused of paying kickbacks to Jagan in lieu of favours received from his father, the late Y S Rajasekhara Reddy, who was the chief minister then.

The Emaar properties attached include 34 villa plots at Boulder Hills in Gacchi Bowli and a piece of land in Kalkaji in New Delhi. Their owners, M/s Emaar Hills Township Ltd and EMGF Land Ltd, are accused of defrauding the AP Industrial Infrastructure Corporation through some nifty fine print in the Emaar township project.

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