ED attaches properties worth Rs.863 crore of Jaganmohan, others

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The Enforcement Directorate has attached properties worth Rs.863 crore allegedly belonging to YSR Congress party president Y.S. Jaganmohan Reddy, industrialist Nimmagadda Prasad and their companies as proceeds of crime under the Prevention of Money Laundering Act (PMLA).

The ED is probing the allegations against Mr. Reddy and others of alleged cheating, fraud and falsification of accounts besides purported offences under various provisions of the Prevention of Corruption Act.

The agency launched the investigations on the basis of a charge sheet filed by the Central Bureau of Investigation in connection with VANPIC project involving development of two sea ports at Vadarevu and Nizampatnam and port-based industrial corridor in the Prakasam and Guntur districts of Andhra Pradesh.

The charge sheet alleges that various concessions were extended to the project in the form of alienation of huge chunks of assigned government land to the companies floated by Mr. Prasad. The case also pertains to development of shipyard, green filed airport and alleged exemptions from levy of stamp duty, registration charges, seigniorage fee and other undue benefits to the accused industrialist.

According to the CBI charge sheet, illegal gain to the tune of Rs.1,426.17 crore had purportedly accrued to Mr. Prasad in the acquisition of lands and as quid pro quo, Rs.854.54 crore was paid to Mr. Reddy and his companies.

Mr. Reddy and Mr. Prasad were earlier arrested by the CBI.

According to sources, the properties attached by the ED are held by Mr. Reddy and his companies, Carmel Asia Holdings Private Limited and Jagathi Publications Limited; and Mr. Prasad and his companies G2 Corporate Services, Alpha Villas, Alpha Avenues, Gilchrist Investment, Suguni Constructions and Beta Avenues Private Limited.

The attached properties are in the form of shares, plant and machinery worth Rs.365.45 crore and fixed deposit receipts in Rs.4.14 crore of Jagati Publication Public Limited; shares of Indira Television worth Rs.100.44 crore; and properties worth nearly Rs.11 crore allegedly of Mr. Reddy.

Shares of various companies and land held individually by the accused persons and in the name of their firms have also been attached under Section 5 of the PMLA, sources said.

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