ED attaches assets worth Rs 53 crore in investments case

The Enforcement Directorate has attached properties worth Rs 53 crore in the quid-pro-quo investments case involving Yuvajana, Shramika, Rythu Congress Party chief Y S Jaganmohan Reddy, related to private firm Indu Projects Ltd.

Based on the charge sheet filed by CBI against Indukuri Syam Prasad Reddy, MD of M/s Indu Projects Ltd, charging that he paid bribes to Jagan in the guise of investments in group companies of the leader via companies of industrialist Nimmagada Prasad as quid-pro-quo for undue favours received by his companies from Andhra Pradesh government, the ED Zonal Office in Hyderabad registered a money laundering case against Jagan, I Syam and others under Prevention of Money Laundering Act.

Investigations under Prevention of Money Laundering Act, 2002 by ED revealed that I Syam Prasad Reddy has allegedly laundered the proceeds of crime through his group companies -- M/s Indu Techzone Pvt Ltd, M/s Indu Projects Ltd, M/s SPR Properties Pvt Ltd -- in the form of investments in group companies, land advances, among others, an ED statement said on Monday.

During investigation under PMLA, the proceeds of crime were identified in the form of three immovable properties of documents valued above Rs 53 crore and the same were attached.

The attached properties included 150 acres of land in Ranga Reddy district in Telangana of M/s Indu Techzone Pvt Ltd, 100 acres of land in Ranga Reddy of M/s SPR Properties Pvt Ltd and 2,835 square yard land executed vide sale deed between M/s Indu Projects Ltd and M/s Walden Properties Pvt Ltd, it said.

The agency had filed 11 charge sheets in connection with the case which pertain to alleged investments made by various private firms and individuals to the tune of several crores in AP Leader of Opposition Jaganmohan Reddy’s businesses, as part of quid-pro-quo arrangement in exchange for alleged favours by erstwhile YSR Rajasekhar Reddy government.

In March this year, the ED had attached assets worth Rs 863 crore belonging to Jaganmohan Reddy and his associates in connection with its probe into alleged corruption in an infrastructure project in Andhra Pradesh.

In December last year, ED attached properties worth over Rs 47 crore belonging to Jagan's three companies -- Jagati Publications Ltd, Janani Infrastructure Pvt. Ltd and Indira Television Ltd.