(S.R. Seshu)
The leader of the Opposition in the Andhra Pradesh Assembly and YSR Congress President YS Jaganmohan Reddy is in for another shock as the Enforcement Directorate attached his moveable and immovable properties, including his palatial residence in Lotus Pond, worth Rs. 749.10 crore in a case related to criminal conspiracy and money laundering.
The ED has so far attached assets in the form of real estate, shares and fixed deposits — worth Rs. 2,524.10 crore in the case and the latest one being the fifth provisional attachment order, officials said.
According to SA Umashankar Goud, Joint Director, ED, the case relates to securing allotment of mining leases to Bharathi Cement Corporation Ltd illegally and for receiving bribes from various persons and companies in the form of investments in his companies as quid pro quo for undue favours granted to them by the then AP government led by his father YS Rajasekhara Reddy.
The DE registered a Money laundering case against Jagan and others under Prevention of Money Laundering Act, 2002. The officer said that investigation under PMLA revealed that Jagan laundered the proceeds through his companies, Sundur Power Company, Classic Realty, Silicon Builders, Saraswati Power and Industries, and 10 other companies.
This was in the form of investments, purchase of moveable and immovable properties and third party payments among other means. In addition, Bharathi Cement received the proceeds in the form of lime stone, which was mined from the mines allotted in Kadapa district, illegally.
The value of limestone is estimated to be more than Rs. 152 crore during the relevant period, as per Mr.Umashankar Goud. The ED listed about 30 properties as attached. These include 903 acres land of Sarswathi Power in Guntur district, all assets of Classic Realty in Bangalore, residential unit in Lanco Hills, 2,38,06,435 equity shares of Rs. 10 each of Bharti Cement, 124,500 share of Reliance Industries Ltd, 10,500 equity shares of NMDC, fixed deposits of Rs. 152 crore in the name of Bharathi Cement among others in all amounting to Rs. 749 crore.
“During investigation under PMLA, the proceeds of crime involved in money laundering were identified in the form of movable (Rs. 404,72,32,182) and immovable properties (Rs.344,38,10,378) totally valued at Rs. 749.10 crore,” the ED Joint Director maintained. The attached properties are spread across Telangana, Andhra Pradesh and Karnataka.
