The Enforcement Directorate has attached properties worth Rs 130 crore in the YS Jagan Mohan Reddy’s assets case linked to money laundering including 25 acres of plum land in Nagpur.
Three immovable properties, 25 acres of land at Hingna near Nagpur, 8,649 acres in Anantapur, and 2.57 acres in Ranga Reddy near Hyderabad, were among the attached based on a provisional attachment order.
The properties belonging to Lepakshi Knowledge Hub Pvt Ltd, Asara Realty Ventures, and Cyberabad Hitech Integrated Township Development Corporation – all amounting to Rs 129.51 crore have been attached, according to a statement issued by KSVV Prasad, Joint Director of Enforcement Directorate in Hyderabad.
The case is based on a charge-sheet filed by the Central Bureau of Investigation under Section 120-B read with Section 420 of Indian Penal Code and Section 13 of Prevention of Corruption Act.
I Shyam Prasad Reddy, Managing Director of Indu Properties, is stated to have paid bribes to YS Jagan Mohan Reddy in the guise of investments in group companies of the latter through the companies of Nimmagadda Prasad as ‘quid pro quo’ for the undue favours received by his companies from the Andhra Pradesh Government.
According to a statement from the ED, it has registered a money laundering case against YS Jagan Mohan Reddy, I Shyam Prasad Reddy and others under the Prevention of Money Laundering Act, 2002.
As per the investigations by ED, Shyam Prasad Reddy laundered the proceeds of crime through his group companies Lepakshi Knowledge Hub, Indu Projects Ltd and other entities in the form of land allotted by Andhra Pradesh industrial Infrastructure Corporation Ltd. The funds were utilised by them in other than the designated purposes such as clearing old debts, diverting funds for activities of other group companies.