ED attaches Rs 749 cr assets of Jagan, wife

Hyderabad, June 29 

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Enforcement Directorate today attached properties worth Rs 749.10 crore belonging to YSR Congress chief YS Jagan Mohan Reddy and his wife YS Bharathi Reddy in connection with its probe in a money laundering case. 

The agency launched the investigations on the basis of a chargesheet filed by the CBI accusing Jagan, son of then Andhra Pradesh Chief Minister YS Rajasekhar Reddy, of entering into a criminal conspiracy with others to get a mining lease allotted to Bharathi Cement Corporation Private Ltd of which Bharathi is the chairman. 

Jagan received bribes from various persons/companies in the guise of investments in his group companies as a quid pro quo for undue favours granted to them by the Andhra Pradesh government, the ED said in a statement here. 

A case of laundering was registered against Jagan and others by ED’s Hyderabad zonal office under the Prevention of Money Laundering Act (PMLA), 2002.

ED said its investigation under PMLA revealed that Jagan laundered the proceeds of crime through his group companies Sandur Power Company Pvt Ltd, Classic Realty Pvt Ltd, Silicon Builders Pvt Ltd, Saraswati Power and 11 other firms. — PTI