ED attaches assets worth Rs 749 crore of YSR chief Jagan, wife in graft case

  • Agencies, Hyderabad
  • Updated: Jun 29, 2016 23:30 IST
YSR Congress president YS Jaganmohan Reddy addresses the press at Parliament house. (Sonu Mehta/HT File Photo)

The Enforcement Directorate, which investigates financial crimes, attached on Wednesday properties worth Rs 749 crore belonging to YSR Congress party president YS Jaganmohan Reddy, who is facing charges of corruption.

The agency launched an investigation on the basis of a chargesheet filed by the CBI accusing Jagan, son of former Andhra Pradesh chief minister YS Rajasekhar Reddy, of entering into a criminal conspiracy with others to get a mining lease allotted to M/s Bharathi Cement Corporation Private Ltd. Jagan’s wife, Bharathi Reddy, is the chairman of the company.

Jagan received bribes from various people and companies in the guise of investments in his group of companies as a quid pro quo for undue favours granted to them by the Andhra Pradesh government, the ED said in a statement.

A case of laundering was registered against Jagan and others by the ED’s Hyderabad zonal office under the Prevention of Money Laundering Act (PMLA), 2002.

Investigators found that Jagan laundered money through his group of companies in the form of investments, purchase of movable and immovable properties and third party payments, among others, the ED said.

Bharathi Cement Corporation Pvt Ltd has received the proceeds of crime in the form of limestone mined from the mines allotted illegally to them in Kadapa district by then state government. The value of limestone works out to be more than Rs 152 crore during the relevant period, it said.

The attached properties are spread across Telangana, Andhra Pradesh and Karnataka.

In the past, the agency had attached properties worth several hundreds of crores belonging to Jagan and others.

The Central Bureau of investigation (CBI) had filed 11 chargesheets against Jagan and others pertaining to the alleged investments made by various private firms and individuals to the tune of several crores in his businesses.

The agency said this was part of quid pro quo arrangement in exchange for alleged favours by the erstwhile Rajasekhar Reddy government.

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