Jagan, Srinivasan properties worth Rs. 232 cr attached by ED
The Enforcement Directorate (ED), which is probing a money laundering case against YSRCP leader Jaganmohan Reddy and India Cements managing director N Srinivasan, has on Thursday attached properties worth Rs. 232 crore belonging to the companies managed by the two.india Updated: Feb 26, 2015 23:41 IST
The Enforcement Directorate (ED), which is probing a money laundering case against YSRCP leader Jaganmohan Reddy and India Cements managing director N Srinivasan, has on Thursday attached properties worth Rs. 232 crore belonging to the companies managed by the two.
The properties include movable assets like fixed deposits and immovable properties — prime real estate and cement unit lands majorly held by firms of Reddy and some by India Cements of Srinivasan.
The Hyderabad Zonal Office of the ED had filed a money laundering case against Reddy and others under the Prevention of Money Laundering Act 2002.
“Our investigations under the money laundering act revealed that these companies have laundered the proceeds of the crime in the form of investments,” a senior ED official said.
The case was based on a CBI chargesheet alleging that Srinivasan paid bribes to Reddy in the guise of investments in Reddy’s companies as quid pro quo for the undue favours India Cements received from the government of Andhra Pradesh during the tenure of Reddy’s father YS Rajasekhara Reddy.
In total, five immovable properties of value of Rs. 6 crore and 24 movable properties of over Rs. 226 crore value were attached in an order by the agency.
After the death of his father in a chopper crash, Reddy started facing heat from various investigation agencies that stacked cases of disproportionate assets against him.
Reddy was arrested in 2012 and served 16 months in jail only to be granted bail in time to campaign for the 2014 general elections. The polls provided no respite for the young leader whose party was drubbed by the TDP.
First Published: Feb 26, 2015 23:39 IST