STOCK MARKET BSE NSE

Jagan Case: Rs 130-cr Property Attached

Published: 27th March 2015 06:01 AM  |   Last Updated: 27th March 2015 06:01 AM   |  A+A-

HYDERABAD:The Enforcement Directorate on Thursday attached assets worth Rs 130 crore of Indu Projects managing director I Syam Prasad Reddy, in connection with the alleged illegal assets case of YSRC president Y S Jaganmohan Reddy.

jegan.jpgThe move was taken based on the chargesheet filed by the CBI, which alleged that Syam had paid bribes to Jagan in the guise of investments in his companies through the firms owned by industrialist Nimmagada Prasad as quid pro quo for undue favours received from then Andhra Pradesh Government.

The ED probe revealed that Syam laundered the proceeds of crime through his group companies

Lepakshi Knowledge Hub Private Limited, Lepakshi Integrated Textile Park and Lepakshi

Science and Technology Park Limited, in the form of sale and transfer of unduly allotted lands and utilising the funds for other than designated purposes such as clearing of old debts and diversion of funds for activities of other group companies.

As the proceeds of crime were involved in money laundering, three immovable property valued at Rs 128.80 crore and two movable property valued at Rs 1 crore were attached.

Stay up to date on all the latest Andhra Pradesh news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp