ED attaches assets worth over Rs 117 crore in money laundering case against YS Jaganmohan Reddy

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ED attaches assets worth over Rs 117 crore in money laundering case against YS Jaganmohan Reddy

ED on Wednesday attached assets worth Rs.117.74 crore of the Indu Group of Companies and others, in connection with a money laundering case against YS Jaganmohan Reddy (and others).

The Enforcement Directorate (ED) on Wednesday attached assets worth Rs.117.74 crore of the Indu Group of Companies and others, in connection with a money laundering case against YS Jaganmohan Reddy (and others).

Reddy is the Leader of the Opposition in the Andhra Pradesh Assembly, and the chief of the YSR Congress.

The CBI, which is investigating a disproportionate assets case against Jaganmohan Reddy and others, has filed 11 chargesheets.

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 Jaganmohan Reddy."

The present case is a quid pro quo investment case, where I Syam Prasad Reddy made huge investments in companies floated by YS Jaganmohan Reddy for favours received from the erstwhile government of Andhra Pradesh (which Jaganmohan's father, the late YS Rajasekhar Reddy, led as chief minister).

The present attachment is in connection with a CBI chargesheet relating to various housing projects allotted to the Indu Group by the then-AP Housing Board.

With inputs from PTI