1. ED attaches RS 130 cr properties of Indu Projects promoter

ED attaches RS 130 cr properties of Indu Projects promoter

YSR Congress president YS Jaganmohan Reddy, who was accused of receiving bribes from I Syam Prasad Reddy in lieu of undue favours.

By: | Hyderabad | Updated: March 27, 2015 12:58 AM

The Enforcement Directorate (ED) on Thursday attached properties worth Rs 130 crore in connection with the money laundering probe against YSR Congress president YS Jaganmohan Reddy and industrialist I Syam Prasad Reddy.

In a statement, the ED said it had issued orders attaching the properties of five group companies of Syam Prasad Reddy, MD, Indu Projects. These include 8,648 acres of land of Lepakshi Knowledge Hub in Anantapur district of Andhra Pradesh, lands of Asara Realty Ventures in Maharashtra and of Cyberabad Hitech Integrated Township Development Corp in Telangana.

Last month, the ED had attached Rs 53-crore properties belonging to I Shyam Prasad Reddy in the YS Jagan quid pro quo investment case. According to ED, the money laundering case was booked against the two on the basis of a chargesheet filed by the Central Bureau of Investigation (CBI). The ED has accused Syam Prasad Reddy of paying bribes to Jaganmohan Reddy in the guise of investing in the latter’s group companies as quid pro quo for alleged undue favours received from the government of then undivided Andhra Pradesh.

“Investigations under Prevention of Money Laundering Act revealed that Shyam Prasad Reddy obtained bank loans against the lands allotted by Andhra Pradesh Industrial Infrastructure Corporation and utilised the funds for other purposes such as clearing old debts and diverting funds for activities of his companies,” ED joint director KSVV Prasad said in a statement.

“During investigation the proceeds of crime were identified in the form of movable and immovable properties. Three immovable properties valued at Rs 128.5 crore and two movable properties valued Rs 1 crore were provisionally attached,” he said.

The CBI has already filed a chargesheet against YS Jagan Mohan Reddy and Indu Projects MD Shyam Prasad Reddy, alleging that the latter paid bribe to Jagan in the guise of investments.

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