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ED attaches Jagan’s 47-cr assets
In fresh trouble for YSR Congress chief Y S Jagnamohan Reddy, the Enforcement Directorate (ED), on Monday attached his properties worth over Rs 47 crore in connection with a money laundering case. The ED attached the properties pertaining to Jagati Publications, Indira Television and Janani Infrastructure Pvt Ltd, promoted and owned by Jagan.
Hyderabad: In fresh trouble for YSR Congress chief Y S Jagnamohan Reddy, the Enforcement Directorate (ED), on Monday attached his properties worth over Rs 47 crore in connection with a money laundering case. The ED attached the properties pertaining to Jagati Publications, Indira Television and Janani Infrastructure Pvt Ltd, promoted and owned by Jagan.
The case had been initiated by CBI on September 10, 2013, against Reddy's companies – Jagati Publications and Carmel Asia Holdings Pvt Ltd – alleging receipt of money from PR Energy Holdings Ltd, in return of "undue benefits" granted to M/s Penna Group of Companies. The probe under Prevention of Money Laundering Act by the ED (Hyderabad Zonal Office), revealed that Carmel Asia had received Rs 23 crore and Jagati received Rs 45 crore from PR Energy. This amount of Rs 68 crore was received by Jagan's companies, in return of undue benefits granted to Penna Group.
"Investigation conducted so far revealed that out of the Rs 68 crore, an amount of Rs 47 crore, which constitutes the proceeds of crime, has been invested in Jagati Publications, Indira Television and Janani Infrastructure," Joint Director of ED, KSVV Prasad, said in a statement here.
"Accordingly, corresponding properties were identified in the form of fixed assets-plant, machinery, land and buildings, with these companies and the same were attached today," the official said. The properties attached include Rs 5.59 crore worth plant and machinery of Jagati, Rs 24.85 crore worth properties of Indira Television and land and buildings of Janani Infrastructure worth Rs 16.56 crore, in districts of Karimnagar, Nalgonda, Khammam, Mahabubnagar, Warangal, Nizamabad in Telangana, and Kurnool, Nellore, Prakasam, Krishna and Chittoor in Andhra Pradesh, the release said.
