Jaganmohan Reddy PMLA case: Enforcement Directorate attaches Rs 117.74 crore assets

The money laundering case is a follow up to the money laundering offences in the 11 charge sheets filed by CBI against Jagan and others under Prevention of Corruption Act.

Published: 03rd January 2018 07:17 PM  |   Last Updated: 04th January 2018 09:56 AM   |  A+A-

YSR congress president Jaganmohan Reddy (File | PTI)

By Express News Service

NEW DELHI: The Enforcement Directorate has attached undeveloped land worth Rs 117.74 crore under the Prevention of Money Laundering in connection with the money laundering case against YSR Congress leader YS Jagan Mohan Reddy and others.

The attached properties include undeveloped land illegally allotted to the companies of another accused I Syam Prasad Reddy, various immovable properties of Indu Projects Limited, fixed deposits held by Embassy Property Developments Private Limited (Jitendra Virwani) and Vasantha Projects Private Limited (V V Krishna Prasad) valued at Rs 117.74 crore.

The money laundering case is a follow up to the money laundering offences in the 11 charge sheets filed by CBI against Jagan and others under Prevention of Corruption Act.

“The present case is a quid pro quo investment case, in which Syam Prasad Reddy had made huge investments in the companies floated by Jagan for the favours he received from the erstwhile Government of Andhra Pradesh, by way of allotment of 8,844 acre of land for Lepakshi Knowledge Hub Private Limited, 250 Acres of land at Shamshabad for Indu Techzone Private Limited and various housing projects to Indu Group, when the late Y S Rajasekhara Reddy, Jagan’s father was the chief minister,” the ED said in a statement.

CBI had filed three chargesheets in respect of undue favours received by Syam Prasad Reddy of which ED has already issued provisional attachment orders in connection with two cases relating to Lepakshi Knowledge Hub Private Limited and Indu Techzone Private Limited. The present attachment is in connection with the CBI chargesheet relating to various housing projects allotted by the then AP Housing Board to Indu Group.

“Investigation conducted under the Prevention of Money Laundering Act, revealed that Syam Prasad Reddy paid bribe amounts to Jagan through the companies of Nimmagadda Prasad in the form of investments at exorbitant premiums.

In lieu of the aforesaid quid pro quo payments made by Reddy, he was illegally favoured by the then Government of Andhra Pradesh by awarding housing projects at Kukatapally (65 acre), Bandlaguda (50 acre), Gachibowli (4.575 acre) and Nandyal (75 acre) by deviating from all standard norms and without examining the technical/ financial capabilities,” the Enforcement Directorate added.

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