PMLA case: ED attaches Jagan Mohan Jagan’s assets worth Rs 150 crorehttps://indianexpress.com/article/india/pmla-case-ed-attaches-jagan-mohan-jagans-assets-worth-rs-150-crore-4772092/

PMLA case: ED attaches Jagan Mohan Jagan’s assets worth Rs 150 crore

The assets, in the form of about 11,805 acres of land in Prakasanam in Guntur district of Andhra Pradesh, belong to various companies owned by Nimmagadda Prasad — an accused in the case. The ED said all these transactions happened when Jagan’s father YSR Reddy was the chief minister of Andhra Pradesh.

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The Enforcement Directorate (ED) Friday attached assets worth close to Rs 150 crore in connection with its money laundering case against YSR Congress chief YS Jagan Mohan Reddy. (File)

The Enforcement Directorate (ED) Friday attached assets worth close to Rs 150 crore in connection with its money laundering case against YSR Congress chief YS Jagan Mohan Reddy. The assets, in the form of about 11,805 acres of land in Prakasanam in Guntur district of Andhra Pradesh, belong to various companies owned by Nimmagadda Prasad — an accused in the case.

“This is a quid pro quo investment case where Shri Nimmagadda Prasad, various companies and individuals made huge investments in companies floated by Shri Y S Jagan Mohan Reddy for the favours received from erstwhile Government of Andhra Pradesh by way of allotment of land for development of port and industrial corridor, exemption under Urban Land (Ceiling & Regulation) Act, etc,” an ED statement said.

It said all these transactions happened when Jagan’s father YSR Reddy was the chief minister of Andhra Pradesh.