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In a blow to YSR Congress Party leader Y S Jagan Mohan Reddy, the Enforcement Directorate has attached properties worth over Rs 200 crores, in the disproportionate assets case. One property owned by India Cements Limited headed by N Srinivasan was also attached by the ED on Thursday.
Based on the chargesheet filed by CBI alleging that N Srinivasan, Managing Director of India Cements Limited, paid bribes to Y S Jagan Mohan Reddy in the guise of investments in group companies of Y S Jagan Mohan Reddy as quid pro quo for the undue favours received by his company, India Cements Limited from Government of Andhra Pradesh, the Directorate of Enforcement (ED), Hyderabad Zonal Office has registered a money laundering case against Y S Jagan Mohan Reddy and others under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA).
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Investigations under PMLA by the Enforcement Directorate revealed that M/s Carmel Asia Holdings Private Limited, M/s Jagati Publication Limited, M/s Bharati Cement Corporation Private Limited and M/s India Cements Limited has laundered the proceeds of crime in the form of investments. During investigation under PMLA, the ‘Proceeds of Crime’ were identified in the form of movable and immovable properties and investments.
In total, five immovable properties of value over Rs 6 crores and 24 movable properties of value of over Rs 226 crores held by M/s Bharathi Cement Corporation Private Limited, M/s The India Cements Limited and others were attached. It has come to light that India Cements owns a building in Punjagutta in Hyderabad, and 245 acres in Yadiki Mandal of Anantapur district.
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