ED attaches Rs 117 crore assets in PMLA case against Jaganmohan Reddyhttps://indianexpress.com/article/india/ed-attaches-rs-117-crore-assets-in-pmla-case-against-jaganmohan-reddy-5010711/

ED attaches Rs 117 crore assets in PMLA case against Jaganmohan Reddy

The agency began its probe against the politician and his associates on the basis of a CBI FIR.

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YSR Congress chief Y S Jaganmohan Reddy,

The Enforcement Directorate (ED) on Wednesday provisionally attached assets worth Rs 117.74 crore in connection with its money laundering probe in a case against YSR Congress chief Jaganmohan Reddy and others.

ED sources said the central probe agency’s zonal office in Hyderabad issued a provisional order for attachment of these properties under the Prevention of Money Laundering Act (PMLA).

The ED said it has attached “movable and immovable assets worth Rs 117.74 crore of… I Syam Prasad Reddy, Indu Projects, Embassy Property Developments and Vasantha Projects in the Indu-APHB case related to Y S Jaganmohan Reddy.”

The agency began its probe against the politician and his associates on the basis of a CBI FIR.


The FIR stated that since “May 2004, Jagan floated number of companies wherein quid pro quo investments have been made by beneficiaries from decisions of the state government in various forms like SEZs, irrigation contracts, relaxation/permission for real estate ventures, mines among others.”

According to the ED, the present case is a quid pro quo investment case where I Syam Prasad Reddy made huge investments in the companies floated by Y S Jagan Mohan Reddy for the favours received from erstwhile Government of Andhra Pradesh These favours included allotment of 8,844 acres for Lepakshi Knowledge Hub Private Limited, 250 acres at Shamshabad for Indu Techzone Private Limited and various housing projects to Indu Group, when the late Dr Y S Rajasekhara Reddy, father of Y S Jagan Mohan Reddy, was the Chief Minister, ED has alleged.

The CBI filed three chargesheets regarding undue favours received by I Syam Prasad Reddy, of which ED has already issued provisional attachment orders in connection with two cases relating to Lepakshi Knowledge Hub Private Limited and Indu Techzone Private Limited.

“The present attachment is in connection with the CBI chargesheet relating to various housing projects allotted by the then AP Housing Board to the Indu Group. Investigation conducted under PMLA revealed that Shri I Syam Prasad Reddy paid bribe amounts to Shri Y S Jagan Mohan Reddy through the companies of Shri Nimmagadda Prasad in the form of investments at exorbitant premiums. In lieu of the aforesaid quid pro quo payments made by Shri I Syam Prasad Reddy, he was illegally favoured by the then government of Andhra Pradesh by awarding housing projects at Kukatapally (65 acres), Bandlaguda (50 acres), Gachibowli (4.575 acres) and Nandyal (75 acres) by deviating from all standard norms and without examining the technical/financial capabilities,” said an ED statement.

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