ED attaches Rs 117 crore assets of YSR chief in PMLA case

PTI

India, Politics

Official sources said the agency’s zonal office in Hyderabad issued a provisional order for attachment of these properties.

YSRC chief Jagan Mohan Reddy

New Delhi: The ED on Wednesday said it has attached assets worth Rs 117.74 crore in connection with its money laundering probe in a case against YSR Congress chief Jagan Mohan Reddy and others.

Official sources said the agency’s zonal office in Hyderabad issued a provisional order for attachment of these properties under the Prevention of Money Laundering Act (PMLA). The ED said it has attached “movable and immovable assets worth Rs 117.74 crore under the PMLA of companies of I. Syam Prasad Reddy, Indu Projects, Embassy Property Developments and Vasantha Projects in the the Indu-APHB (Andhra Pradesh Housing Board) case related to Y.S. Jagan Mohan Reddy.”

In a statement, it said this case pertains to a “quid pro quo investment where I. Syam Prasad Reddy made huge investments in the companies floated by Y.S. Jagan Moh-an Reddy for the favours received from former Andhra government by way of allotment of 8,844 acre of land for Lepakshi Knowledge Hub Private Ltd, 250 acres of land at Shamshabad for Indu Techzone Private Ltd and various housing projects to Indu Group”.

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