Jagan Case: Rs 232 Crores Worth Properties Attached

The Enforcement Directorate on Thursday attached properties worth Rs 232.28 crores in the disproportionate assets case involving YSR Congress Party president Y S Jaganmohan Reddy.

According to the Enforcement Directorate, based on the charge-sheet filed by the CBI alleging that N Srinivasan, Managing Director of M/s The India Cements Limited, had paid bribes in the guise of investments into the group companies of Jaganmohan Reddy as quid pro quo for the undue favours received by his company, M/s The India Cements Limited, from the Government of Andhra Pradesh, the Directorate of Enforcement (ED), Hyderabad Zonal Office, had registered a money-laundering case against Reddy and others under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA).

Investigations under the PMLA by the Enforcement Directorate revealed that M/s Carmel Asia Holdings Private Limited, M/s Jagati Publication Limited, M/s Bharati Cement Corporation Private Limited and M/s The India Cements Limited had laundered the proceeds of crime in the form of investments.

"During investigation under the PMLA, the Proceeds of Crime were identified in the form of movable / immovable properties and investments. In total, five immovable properties of value over Rs 6 crores and 24 movable properties of value of over Rs 226 crores held by M/s Bharathi Cement Corporation Private Limited, M/s The India Cements Limited and others were attached vide Provisional Attachment Order No. O4/2015 dated 25.02.2015. Total value of attached properties is about Rs.232.28 crores," the ED said in a press release. (INN)