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.
The 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.