ED attaches Jagan's properties worth Rs 749.10 crore

In a significant move, the Enforcement Directorate Zonal Office on Wednesday declared provisional attachment of Rs 749.10 crore worth of properties belonging to Y S Jaganmohan Reddy and his family.

Several of the companies owned by Jagan’s wife Y S Bharathi Reddy and his family, including the Lotus Pond residence and YSRC party office, Sakshi Towers in Banjara Hills and Commerce@mantri in Bannerghatta of Bengaluru, were attached by the ED.

The action was based on the chargesheet filed by the CBI indicting Jagan in criminal conspiracy with others, for getting allotted a mining lease to Bharathi Cements Corporation Pvt Ltd illegally and receiving bribes from various companies and persons as quid pro quo for the undue favours granted to them by the government of Andhra Pradesh.

Following which the ED Zonal office here registered a Money Laundering case against Jagan and others under the Prevention of Money Laundering Act 2002 (PMLA).

Investigation under the PMLA by ED revealed that Jagan has laundered the proceedings of crime through his group companies Sandur Power Company Ltd, Classic Realty Pvt Ltd, Silicon Builders Pvt Ltd, Sarswathi Power and Industries Pvt Ltd and ten other companies in the form of investments, purchase of movable and immovable properties and third party payments etc, the statement from ED said.

Apart from these benefits, Bharathi cements has received the proceedings of the crime in the form of lime stone. This is mined from mines allotted to them in Kadapa district illegally by the then government of AP. The value of the limestone works out to be more than Rs 152 cr at that time.

“As the said proceeds of the crime were involved in money laundering, immovable properties valued at Rs 344 crore and movable properties valued at Rs 404 crore were provisionally attached,” the ED statement added.