ED Attaches Former AP CM Y S Jagan Mohan's Shares

The Hyderabad unit of the Enforcement Directorate (ED) today provisionally attached shares worth Rs 27.5 crore belonging to former Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy, and land worth Rs 377.2 crore owned by Dalmia Cements Bharat Limited (DCBL), in connection with a money laundering case related to quid pro quo investments.

Shares held by Jagan in Carmel Asia Holdings Limited, Saraswati Power and Industries Private Limited, and another firm, were also attached.

The attachments come 14 years after the case was originally registered.

The ED's provisional attachment stems from a case filed by the Central Bureau of Investigation (CBI) in 2011, in which DCBL had invested in Bharathi Cement Corporation Private Limited.

The provisional attachment order, issued on March 31, was received by DCBL on April 15, 2025. The initial purchase value of the land was Rs 377 crore.

Investigations by the CBI and ED revealed that DCBL had invested Rs 95 crore in Raghuram Cements Ltd, represented by the former AP Chief Minister. It is alleged that as part of a quid pro quo arrangement, Jagan facilitated the grant and transfer of a mining lease for 407 hectares in Kadapa district to DCBL.

Both the ED and CBI have alleged that, as per an agreement involving Jagan, his auditor and former MP V Vijaya Sai Reddy, and Puneet Dalmia of DCBL, the shares in Raghuram Cements Ltd were later sold to a French company named PARFICIM for Rs 135 crore. Of this, Rs 55 crore was allegedly paid to Jagan between May 16 and June 13, 2011, in cash via hawala channels. These payment details were reportedly found in material seized by the Income Tax Department, New Delhi.

The investigating agencies also alleged that DCBL returned the sale proceeds to Jagan in cash through hawala channels, thereby establishing that the initial Rs 95 crore investment was illegal gratification in exchange for undue benefits received from the Andhra Pradesh government, and not a genuine investment.

The CBI had already filed a chargesheet on April 8, 2013, against the accused, including Jagan, under various sections of the Indian Penal Code and the Prevention of Corruption Act.

In the chargesheet filed before the special court, the CBI named DCBL as Accused No 3 in the case, which involves the transfer of a prospective mining lease from Eswar Cements to DCBL.