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ED attaches Jagan’s property worth ` 232 crore in da case
ED attaches Jagan’s property worth ` 232 crore in da case.The Enforcement Directorate (ED) on Thursday attached properties worth Rs 232.28 crore in the disproportionate assets case of YSR Congress Party (YSRCP) president YS Jaganmohan Reddy.
Hyderabad: The Enforcement Directorate (ED) on Thursday attached properties worth Rs 232.28 crore in the disproportionate assets case of YSR Congress Party (YSRCP) president YS Jaganmohan Reddy.
According to the ED, based on the charge-sheet filed by the Central Bureau of Investigation (CBI) alleging that N Srinivasan, Managing Director of M/s The India Cements Limited, paid bribes in the guise of investments in group companies of Jaganmohan Reddy as quid pro quo for undue favours received by his company from the government of Andhra Pradesh.
The ED, Hyderabad Zonal Office, had registered a money laundering case against Jaganmohan Reddy and others under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA). Investigations under PMLA by the ED revealed that M/s Carmel Asia Holdings Private Limited, M/s Jagati Publication Limited, M/s Bharati Cement Corporation Private Limited and M/s The India Cements Limited have laundered the proceeds of crime in the form of investments.
