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117.74 cr assets of Jagan, others attached
The Enforcement Directorate (ED) on Wednesday said it has 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. Official 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).
New Delhi: The Enforcement Directorate (ED) on Wednesday said it has 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. Official 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 under the PMLA of companies of I Syam Prasad Reddy, Indu Projects, Embassy Property Developments and Vasantha Projects in the Indu-APHB (Andhra Pradesh Housing Board) case related to Y S Jaganmohan Reddy."
In a statement, it said this case pertains to a "quid pro quo investment where I Syam Prasad Reddy made huge investments in the companies floated by Y S Jaganmohan Reddy for the favours received from erstwhile government of Andhra Pradesh by way of allotment of 8,844 acre of land for Lepakshi Knowledge Hub Private Limited, 250 acres of land at Shamshabad for Indu Techzone Private Limited and various housing projects to Indu Group, when the late Y S Rajasekhara Reddy, father of Jaganmohan Reddy was the Chief Minister."
It said I Syam Prasad Reddy "paid bribe amounts" to Jaganmohan Reddy through the companies of Nimmagadda Prasad in the form of investments at "exorbitant premiums." The agency said in lieu of the quid pro quo payments made by 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 (4.57 acres) and Nandyal (75 acres) by "deviating all standard norms and without examining the technical/financial capabilities".
Stating the role of others who were named in the attachment order, the ED said Jitendra Virwani of Embassy Group "assisted" I Syam Prasad Reddy in "grabbing housing projects by placing a non-relevant project for getting eligible for awarding projects and benefitted to the tune of Rs 50.16 crore under guise of profit on investment, service compensation and sale of villas."
The agency began its probe against the politician and his associates on the basis of a CBI FIR. The FIR had 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 (special economic zones), irrigation contracts, relaxation/ permission for real estate ventures, mines among others."
