HYDERABAD: The Enforcement Directorate has attached assets worth `53 crore belonging to Indu Projects Limited managing director Indukuri Syam Prasad Reddy, in connection with YSR Congress president Y S Jaganmohan Reddy’s alleged illegal assets case.
The ED’s Hyderabad zonal office registered a money laundering case against Jagan, Syam and others under the Prevention of Money Laundering Act, 2002, on the basis of a CBI chargesheet which said Syam had paid bribes to Jagan in the guise of investments in the latter’s group of companies through the companies of Nimmagadda Prasad as quid pro quo for the undue favours received by his companies from the then Government of Andhra Pradesh.
The ED’s probe revealed that Syam had laundered the proceeds of crime through his group companies, Indu Techzone Private Limited, Indu Projects Limited and SPR Properties Private Limited, in the form of investments in group companies and land advances among others.
The proceeds of crime were identified in the form of three immovable properties of document value of above `53 crore and the same were attached.