BackED attaches Rs749 crore assets of YSR chief Jagan Mohan Reddy, wife
Enforcement Directorate launched probe on the basis of a chargesheet filed by CBI accusing Jagan of entering into a criminal conspiracy to get a mining lease
PremiumHyderabad: The Enforcement Directorate (ED) on Wednesday said it has attached properties worth 749.10 crore belonging to YSR Congress chief Y.S. Jaganmohan Reddy and his wife Y.S. Bharathi Reddy in a case related to criminal conspiracy and money laundering.
The case pertains to securing the allotment of mining leases to Bharathi Cement Corporation Ltd illegally and for receiving bribes from various persons and companies in the guise of investments in his group companies as quid pro quo for undue favours granted to them by the Andhra Pradesh government.
ED’s Hyderabad Zonal Office registered a money laundering case against Jagan and others under the Prevention of Money Laundering Act, 2002.
“During investigation under PMLA, the proceeds of crime involved in money laundering were identified in the form of movable (around 404 crore) and immovable properties (around 344 crore), totally valued at 749.10 crore," S.A. Umashanker Goud, joint director, ED-Hyderabad zone, said.
ED said its investigations under PMLA revealed that Jaganmohan laundered the proceeds of crime through his group companies Sandur Power Company, Classic Realty, Silicon Builders, Saraswati Power and Industries and 10 other firms in the form of investments, purchase of movable and immovable properties, third party payments, etc.
Apart from it, Bharathi Cement Corp. has received the proceeds of crime in the form of limestone mined from the mines allotted illegally to it in Kadapa district by the then Andhra Pradesh government. The value of limestone works out to be more than 152 crore during the relevant period, it said.
The attached properties are spread across Telangana, Andhra Pradesh and Karnataka.
Jaganmohan Reddy is being investigated by law enforcement agencies such as Central Bureau of Investigation (CBI) and ED for allegedly amassing wealth through quid pro quo investments into his companies when his father Y.S. Rajasekhara Reddy was the chief minister of the state during 2004-09. Several of Jaganmohan’s assets have already been attached.
On its part, CBI has filed 11 charge sheets against Jaganmohan and others pertaining to the alleged investments made by various private firms and individuals to the tune of several crores in his businesses. The agency said this was part of quid pro quo arrangement in exchange for alleged favours by the erstwhile Rajasekhara Reddy government.
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