HYDERABAD: Hyderabad High Court has recently issued notices in an appeal by the Enforcement Directorate challenging the orders of the Appellate Tribunal in New Delhi directing the ED to take fixed deposit receipts (FDRs) of `3.85 crore from the respondent, Cyberabad Hitech Integrated Township Development Corporation Private Limited (CHIDCO), as substitution for the immovable property attached as part of Jagan’s illegal assets case.
Justice B Siva Sankara Rao was passing this order in an appeal by ED seeking to suspend the impugned orders of the Appellate Tribunal.Advocate PSP Suresh Kumar, appearing for ED, told the court that the Adjudicating Authority had confirmed the provisional attachment order (PAO) dated March 25, 2015 for the subject immovable property worth `3.85 crores.
In fact, the ED had registered the case based on the charge sheet by CBI in Jagan’s assets case. As part of the case investigation, the ED issued PAO attaching the properties of CHIDCO along with the properties of Indu group worth `129.5 crore which were proceeds of the crime. After hearing the ED counsel, the judge issued notices to respondents which included CHIDCO and others. The judge posted the matter to December 19.