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Court attaches Rs 34 crore FDs of Jagan firm
Highlights
Court Attaches Rs 34 Crore FDs of Jagan Firm, Anti-money Laundering Act,About Jagati Publications. A special PMLA court here has issued orders for attachment of fixed deposits worth over Rs 34 crore of Jagati Publications owned by YSR Congress leader Jaganmohan Reddy, identifying them as "proceeds of crime of money laundering".
Amount identified as proceeds of crime of money laundering
New Delhi: A special PMLA court here has issued orders for attachment of fixed deposits worth over Rs 34 crore of Jagati Publications owned by YSR Congress leader Jaganmohan Reddy, identifying them as "proceeds of crime of money laundering".
The order of the Adjudicating Authority of the anti-money laundering Act came after the Enforcement Directorate (ED), in May this year, had issued attachment orders on the fixed deposits with a total value of Rs 34.66 crore. These FDs were allegedly kept in the Jubilee Hills branch of Oriental Bank of Commerce in Hyderabad in the name of Jagati Publications Limited. "No doubt the properties attached are 'proceeds of crime' or 'value thereof' and are involved in money laundering. We, therefore, order confirmation of the provisional attachment order," the bench of Authority K Raamamoorthy (Chairman) and Mukesh Kumar (Member) said in its latest order.
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