Jagan PMLA Case: ED Attaches Rs 53-Crore Properties

The Enforcement Directorate has attached properties worth over Rs 53 crores belonging to Indukuru Syam Prasad Reddy, Managing Director of Indu Projects Limited, in a case of money laundering registered against YSR Congress Party president Y S Jaganmohan Reddy and others.

According to the Enforcement Directorate, based on the charge-sheet filed by the CBI against Syam Prasad Reddy charging that he had paid bribes to Jaganmohan Reddy in the guise of investments in the group companies of Jaganmohan Reddy through the companies of Nimmagadda Prasad as quid pro quo for the undue favours received by his companies from the then Government of Andhra Pradesh, the Directorate of Enforcement (ED), Hyderabad Zonal Office, had registered a money laundering case against Jaganmohan Reddy, Syam Prasad Reddy and others under the Prevention of Money Laundering Act, 2002 (PMLA).

"Investigations under the PMLA by the Enforcement Directorate revealed that Syam Prasad Reddy has laundered the Proceeds of Crime through his group companies M/s Indu Techzone Private Limited, M/s Indu Projects Limited, M/s SPR Properties Private Limited, etc., in the form of investments in group companies, land advances, etc. During investigation under PMLA, the Proceeds of Crime were identified in the form of three immovable properties of document value of above Rs. 53 Crores, and the same were attached vide Provisional Attachment Order No. 03/2015 dated 06.02.2015," the ED said in a press release.

The attached properties include:

1. 150 acres of land worth about Rs 30 crores in Sy. Nos. 99/1 of the Mamidipalli village in the Saroor Nagar mandal of the Ranga Reddy district belonging to M/s Indu Techzone Private Limited,
2. 100 acres of land worth Rs 20 crores in the same area registered in favour of M/s SPR Properties Private Limited, and
3. 2,835 sq yards of land worth about Rs 3.11 crores in Sy. No. 81/1 of Jeedimetla belonging to M/s Walden Properties Private Limited. (INN)