Hyderabad, March 26: The Enforcement Directorate (ED) on Thursday connected properties value Rs.130 crore in reference to the money laundering probe against YSR Congress president Y.S. Jaganmohan Reddy and businessperson I. Syam Prasad Reddy.
The ED issued orders attaching the properties of 5 cluster firms of Syam Prasad Reddy, managing director of Indu projects Ltd.
These includes 8,648 acres of land of Lepakshi information Hub in Anantapur district of Andhra Pradesh, lands of Asara realty Ventures in Maharashtra and of Cyberabad Hitech Integrated town Development corporation Ltd in Telangana.
According to ED, the money washing case was set-aside against the 2 on the premise of a chargesheet filed by the Central Bureau of Investigation (CBI).
It defendant Syam Prasad Reddy of paying bribes to Jaganmohan Reddy within the semblance of finance within the latter’s cluster companies as quid professional quo for undue favours received from the govt. of then undivided Andhra Pradesh.
Jaganmohan Reddy is the son these days former Andhra Pradesh chief minister Y.S. Rajasekhara Reddy.
Investigation below Prevention of Money Laundering Act (PMLA) discovered that Syam Prasad Reddy laundered the takings through his cluster firms, aforesaid an announcement from the ED’s Hyderabad zonal workplace.
The disfunction known takings of the crime within the kind of movable and immoveable properties.
It is one of the many PMLA cases the ED is searching against Jaganmohan Reddy, businessmen and senior officers.
The agency has already connected assets value over Rs.1,000 crore in these cases.
