Rs 51 crore properties of Jagan Mohan Reddy attached by Enforcement Directorate

Rs 51 crore properties of Jagan Mohan Reddy attached by Enforcement Directorate

The Enforcement Directorate on Thursday issued attachment orders on properties worth Rs 51 crore in its money-laundering probe against YSR Congress chief Jagan Mohan Reddy and his associates.

The attachment order is issued under the stringent provisions of the Prevention of Money Laundering Act (PMLA).

The ED attachment ensures that these properties cannot be used by the accused and he is devoid of any benefits from these assets, and such an order can be challenged by the accused at the adjudicating authority of the PMLA.

The ED, in its order, said during the probe it was revealed that "as a result of the criminal activity, Ms Hetero Drugs Limited and Ms Aurobindo Pharma Limited were illegally benefited by Rs 8.60 crore each in the allotment of 75 acres of land to each of them by the state government of Andhra Pradesh while Ms Trident Life Sciences Limited was illegally benefited by Rs 4.30 crore in the allotment of 30.33 acre land".

These allotments of lands were done "illegally by the state government at a lower rate than the rate fixed by the price fixation committee", the agency said.

The ED found that "in return of this favor, a sum of Rs 14.50 crore was paid to Ms Jagati Publications Limited and Rs 15 crore was paid to Ms Janani Infrastructure Private Limited (the companies owned and controlled by Jagan Mohan Reddy).

"These payments to the companies of Y S Jagan Mohan Reddy were made in the form of equity contribution which was in fact kickback for the favors done by the state government," the agency alleged.


Which Properties are attached by ED?
1)    more than 13 acres of land of Ms Janani Infrastructure Private Limited. Ms Janani Infrastructure Private Limited is owned by Jagan

2)    fixed deposits worth Rs 14.50 crore of Ms Jagati Publication Limited as "kickbacks allegedly received in lieu of granting favors" to private entities. Ms Jagati Publication Limited is owned by Jagan

3)    35 acres of land and fixed deposit of Rs 3 crore of Ms Hetero Drugs Limited

4)    96 acres of land of Ms APL Research Centre Limited, a 100 per cent subsidiary of Ms Aurobindo Pharma Limited, and fixed deposit of Rs 3 crore of Aurobindo Pharma.

The story is reported by PTI , CNN IBN and many others

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Thursday, October 04, 2012

Tags  - Jagan Mohan Reddy Properties