ED books money laundering case against YS Jagan Mohan Reddy

Based on the charge sheet filed by CBI against Shri Indukuri Syam Prasad Reddy, Managing Director of M/s Indu Projects Limited, charging that he paid bribes to Shri Y'S. Jagan Mohan Reddy in the guise of investments in group companies of Shri Y.S Jagan Mohan Reddy through the companies of Shri Nimmagadda Prasad as quid pro quo for the undue favours received by his companies from Government of Andhra Pradesh, the Directorate of Enforcement (ED), Hyderabad Zonal Office has registered a Money Laundering Case against Shri Y.S Jagan Mohan Reddy, Shri I. Syam Prasad Reddy & others under Prevention of Money Laundering Act, 2002 (PMLA).

2. Investigations under PMLA by the Enforcement Directorate revealed that Shri I. Syam Prasad Reddy has laundered the Proceeds of Crime through his group companies M/s Indu Techzone Private Limited, M/s Indu Projects Limited, M/s SPR Properties Private Limited, etc., in the form of investments in group companies, land advances, etc.

3. During investigation under PMLA, the Proceeds of Crime were identified in the form of three immovable properties of document value of above Rs.53 Crore and the same were attached vide Provisional Attachment Order No.03/2015 dated 06.02.2015. The attached properties are as follows