Jaganmohan Reddy money laundering case: ED attaches assets worth Rs 117.74 crore

The FIR has stated that since May 2004, Jaganmohan Reddy floated a number of companies wherein quid pro quo investments have been made by beneficiaries from decisions of the state government

By: Express Web Desk | New Delhi | Updated: January 3, 2018 7:38 pm
Jaganmohan reddy PMLA case The recent development comes after the ED had attached assets worth over Rs 148 crore of Reddy in July. (File Photo)

In a setback to YSR Congress chief Jaganmohan Reddy, the Enforcement Directorate on Wednesday attached assets worth Rs 117.74 crore in connection with its money laundering probe. The recent development comes after the ED had attached assets worth over Rs 148 crore of Reddy in July for “illegally allotting 11,804.78 acres of land to companies of Nimmagadda Prasad in Prakasam and Guntur districts of Andhra Pradesh”.

The present case is related to companies of I Syam Prasad Reddy, Indu Projects, Embassy Property Developments and Vasantha Projects in the the Indu-APHB matter. “The ED has attached movable and immovable assets worth Rs 117.74 crore under the Prevention of Money Laundering Act of companies of I Syam Prasad Reddy, Indu Projects, Embassy Property Developments and Vasantha Projects in the the Indu-APHB case related to Y S Jaganmohan Reddy,” PTI quoted an ED official as saying.

Official sources said the ED’s zonal office in Hyderabad issued a provisional order for attachment of these properties under PMLA. The agency began its probe against the politician and his associates on the basis of a CBI FIR. The FIR has stated that since “May 2004, Jagan floated a number of companies wherein quid pro quo investments have been made by beneficiaries from decisions of the state government in various forms like SEZs (special economic zones), irrigation contracts, relaxation/permission for real estate ventures, mines among others”.

The July case pertained to alleged corruption and quid pro quo investment where Nimmagadda Prasad, various companies and individuals made “huge investments in companies floated by Reddy for the favours received from the erstwhile government of Andhra Pradesh…when late Y S Rajasekhara Reddy (Jagan’s father) was the Chief Minister.”

The ED had said its probe revealed that Prasad “paid bribe to Reddy in the form of investments at exorbitant premiums in his various companies to the tune of Rs 779.50 crore apart from making payment of Rs 57 crore to him in the guise of secondary purchase of shares and donation of Rs 7 crore to YSR Foundation”. In lieu of the aforesaid “quid pro quo payments” made by Prasad, it said, he was illegally favoured by the then Andhra government by awarding the project for the development of Vadarevu-Nizampatnam Port and Industrial Corridor (VANPIC) by “deviating” all standard norms and without examining the technical and financial capabilities.

(With PTI inputs)

For all the latest India News, download Indian Express App

  1. Vijay K
    Jan 4, 2018 at 12:04 pm
    They’re doing it purposefully to cause confusion in the voters before the 2019 elections. They won’t prosecute people who were caught red handed with cash in their hands. Be it CBI, ED, Election Commission or any other bureau, they’re solely working to target and pin someone down. If what Jagan did is corruption what is this favouritism called? What is this selective prosecution and justice called? Jagan’s father did a lot to the Telugu people. In return, he and his son get this. Every politician is corrupt and every business is run taking advantage of the loopholes in the law. That’s an open secret in a system which said there’s no 2G scam at all!
    (14)(9)
    Reply
    1. EXCEL AUTOMATION
      Jan 4, 2018 at 2:10 pm
      Why punish Ajmal kasab alone? Are there no other Terrorists in this world? Ajmals father too was a humble honest good person who served people pakoras. So how can Kasab be punished Why sentence Lallu Yadav alone ? Is he the only corrupted person?
      (2)(1)
      Reply
      1. Vijay K
        Jan 4, 2018 at 2:46 pm
        Nothing’s proved in YS Jagan cases. It’s all chargesheets and FIRs. Ajmal Kasab was found guilty by the court. No one (chosen) can escape law. Be it Kasab, Lalu, Jagan, or anyone. The problem is the cherry picking. The jails are full of small time thiefs and roads full of dacaoits.
        (2)(0)
      2. EXCEL AUTOMATION
        Jan 4, 2018 at 8:25 pm
        So , Jagan Reddys properties too have not been auctioned yet. They are attached as of now. Auctioning and Jailing will happen after due process in courts. In Ajmals case due process was followed and in Jagans case same has to be followed. Attachment of property before auction is due process. Or ,should trial or due process , commence only after the last criminal or Terrorist is caught? Cherry picking or selective outrage....
        (2)(0)
        Reply
      3. Gopala Venkata Ramani
        Jan 4, 2018 at 10:20 am
        Why action against Jagannathan Mohan reddy alone?Why not cancel the contracts received by the beneficiaries. Imagine the benefits they would have got if they can afford to bribe such a large sum
        (4)(0)
        Reply
        1. EXCEL AUTOMATION
          Jan 4, 2018 at 1:56 pm
          Why action against Ajmal Kasab only? Are there no more Terrorists in this world?
          (0)(0)
          Reply
        2. Sastry Vemoory
          Jan 3, 2018 at 9:21 pm
          It is not understandable and not apparently justifiable that E.D. has been taking so long get punishment and penalty award ied when the documents clearly establish it that the investments in Jagan Mohan Reddy’s companies were made with no consideration other than illicit one. It may not been surprising if delay in the matter may be due to continued bribing or even usual and deplorable judicial delays.
          (12)(4)
          Reply
          1. EXCEL AUTOMATION
            Jan 4, 2018 at 2:23 pm
            True . As on date , not a single company of Jagan Reddy is functioning . All are closed and Bharati. Cement is sold (to French company called Vicat). And Sakshi media is for propaganda .
            (0)(0)
            Reply
          2. Joga Rao Munjuluri Venkata
            Jan 3, 2018 at 8:44 pm
            Let ED publish cumulative figure of the value of assets attached by them from JaganReddi out of his total ML assets of several lakhs of Crores.
            (16)(5)
            Reply