HYDERABAD: The Telangana High Court on Thursday reserved its orders in a plea filed by the VANPIC Project and two others seeking to set aside orders passed by the Appellate Tribunal for Prevention of Money Laundering Act at New Delhi to the limited extent of continuing the attachment of their properties and directing the respondent to release the said properties from attachment under PMLA.
While reserving its judgement, a division bench, comprising Chief Justice Ujjal Bhuyan and Justice S Nanda instructed the Enforcement Directorate (ED) and the Vadrarevu and Nizampatnam Ports and Industrial Corridor (VANPIC) Projects to provide a brief summary to the court. The ED notified the Telangana High Court that the confiscation of properties of VANPIC Project can only be contested in lower courts and that the AP Government must make a choice to continue the project.
In the said case AP Chief Minister Y S Jagan Mohan Reddy is also one of the accused, hence he may not interfere the subject case. The case is about the VANPIC Project, whose promoter industrialist Nimmagadda Prasad allegedly invested `854 crore in Jagan’s companies. In return, the then State government led by late YS Rajasekhara Reddy is said to have awarded the project contracts.