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ED attaches Rs 863 crore properties of Jagan Mohan Reddy, others in money laundering case

Mar 05 2014, 20:51 IST
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ED slapped separate notices against Jagan Mohan Reddy and Nimmagada Prasad whose companies were allegedly favoured by the then AP government. (Reuters) ED slapped separate notices against Jagan Mohan Reddy and Nimmagada Prasad whose companies were allegedly favoured by the then AP government. (Reuters)
SummaryED crackdown against Jagan Mohan Reddy stems from alleged corruption in Andhra Pradesh projects.

Rs 10.44 crore shares of Indira Television Pvt Ltd and Jagan Mohan Reddy's various properties worth Rs 11 crore have been attached among others.

This the fourth PMLA attachment order issued by the ED in this case and the three earlier such orders had a value of approximately Rs 265 crore.

Under the latest order, Rs 57 crore shares of Sandur Power Co Ltd, another set of shares of Sandur Power Public Ltd worth Rs 35 crore and immovable assets of Rs 2.55 crore held by Prasad, shares of JPPL held by Alpha Avenue of Rs 97.81 crore, shares of JPPL held by Alpha Villas of Rs 35.89 crore, shares of JPPL held by Gilchrist Investment Pvt Ltd of worth Rs 44.78 crore, land worth Rs 5.80 crore owned by Ms G2 Corporate Services Pvt Ltd, shares of Silicon Builders Pvt Ltd held by G2 Corporate Services Pvt Ltd worth Rs 44.20 crore, shares of Silicon Builders Pvt Ltd held by Ms Suguni Constructions Pvt Ltd worth Rs 7 crore, lands of value Rs 23.23 crore, 561.20 acres held by Ms Vanpic Ports Ltd and land worth Rs 27.72 crore and area of 855.71 acres held by Ms Vanpic Projects Ltd have been attached.

An attachment order under PMLA laws is an enforcement action to restrict the accused from taking benefit out of the properties or assets they have created through illegal means.

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