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ED attaches Jagan’s home properties
At present, the entire family including Jagan\'s mother are residing at the Lotus Pond residence in Jubilee hills. The official said that the investigations revealed that Jagan laundered the proceeds through his group companies Sandur Power Company Pvt Ltd, Classic Realty Pvt Ltd, Silicon Builders Pvt Ltd, Saraswati Power and Industries Pvt Ltd and 10 other firms in the form of investments, purchas
Hyderabad: YSR Congress president Y S Jagan Mohan Reddy suffered a jolt on Wednesday with the Enforcement Directorate (ED) attaching properties worth Rs 749 crore, including his palatial house at Lotus Pond and a huge residential property in Bangalore, in connection with a money laundering case.
At present, the entire family including Jagan's mother are residing at the Lotus Pond residence in Jubilee hills. The official said that the investigations revealed that Jagan laundered the proceeds through his group companies Sandur Power Company Pvt Ltd, Classic Realty Pvt Ltd, Silicon Builders Pvt Ltd, Saraswati Power and Industries Pvt Ltd and 10 other firms in the form of investments, purchase of movable and immovable properties, third party payments, etc.
ED Joint Director (Hyderabad Zone) S A Umashanker Goud said that the attached properties were spread across Telangana, Andhra Pradesh and Karnataka.
Apart from it, Bharathi Cement Corporation Pvt Ltd has received the proceeds of crime in the form of limestone mined from the mines allotted illegally to them in Kadapa district by then AP government. The value of limestone works out to be more than Rs 152 crore during the relevant period.
"During investigation under the Prevention of Money Laundering Act (PMLA), 2002, the proceeds of crime involved in money laundering were identified in the form of movable Rs 404,72,32,182 and immovable properties (Rs 344,38,10,378) totally valued at Rs 749.10 crore," the official said.
In the past, the agency had also attached properties worth several hundreds of crores of rupees belonging to Jagan and others. The agency launched the investigations on the basis of a charge sheet filed by the CBI accusing Jagan, son of former Andhra Pradesh chief minister YS Rajasekhara Reddy, of entering into a criminal conspiracy with others to get a mining lease allotted to Bharathi Cement Corporation Private Ltd of which Bharathi is the chairman.
Jagan received bribes from various persons and companies in the guise of investments in his group companies as a quid pro quo, the ED said in a statement.
