HYDERABAD: The Enforcement Directorate has attached assets worth Rs 148.89 crore in a quid pro quo case of Vodarevu-Nizampatnam Port and Industrial Corridor (Vanpic) Project in which YSRC chief YS Jagan Mohan Reddy and others were allegedly involved.
The ED on Friday attached the lands illegally allotted to the companies of industrialist Nimmagadda Prasad to the extent of 11,804.78 acres in Prakasam and Guntur districts of Andhra Pradesh, which are valued at Rs 148.89 crore (Provisional Attachment Order No.06/2017) in Jagan case under PMLA (Prevention of Money Laundering Act).
This is a quid pro quo investment case where Prasad, various companies and individuals made huge investments in companies floated by Jagan for the favours received from the erstwhile government of AP by way of allotment of land for development of a port and an industrial corridor, exemption under Urban Land (Ceiling & Regulation) Act, when YS Rajasekhara Reddy was the chief minister, the ED said.
Accordingly, based on the charge sheet filed by CBI under Section 120-B, read with Section 420 of IPC, 1860 and Section 13 of PC Act, 1988, investigation under PMLA, 2002 has been carried out by the Enforcement Directorate. Investigation conducted under PMLA revealed that Prasad paid bribe to Jagan in the form of investments at exorbitant premiums in the companies of Jagan for Jagati Publications Limited, Carmel Asia Holdings Pvt Ltd, Bharathi Cement Corporation Pvt Ltd and Silicon Builders Pvt Ltd to the tune of Rs 779.50 crore apart from making a payment of Rs 57 crore to Jagan in the guise of secondary purchase of shares and a donation of Rs 7 crore to YSR Foundation.
“In lieu of the quid pro quo payments made by Prasad, he was illegally favoured by the then government of AP by awarding the project for development of VANPIC by deviating from all standard norms and without examining the technical/financial capabilities,” the ED said in a note.
worth properties from Jagan and his companies and H325.02 cr from Prasad and his companies including 1,416 acres of land from Vanpic Projects Pvt Ltd and Vanpic Ports Pvt Ltd had been attached earlier
Prasad, various companies and individuals made huge investments in companies floated by Jagan for the favours from the govt of AP when YS Rajasekhara Reddy was CM