130 Cr. Indu Properties attached

  • Jagan’s quid pro quo case

HYDERABAD: The Enforcement Directorate in yet another jolt to the YSRCP President Y. S. Jaganmohan Reddy in the Prevention of Money Laundering case attached properties to the tune of Rs.130 crore belonging to I. Syam Prasad Reddy, Managing Director of M/s Indu Projects Limited.

The CBI in its charge sheet alleged that Syam Prasad Reddy had paid bribes to Y. S. Jaganmohan Reddy in the guise of investments in the latter’s group companies through the companies of Nimmagada Prasad as quid pro quo for undue favours received from the then government.

Based on the charge sheet filed by the CBI, the Enforcement Directorate a money laundering case against Jaganmohan Reddy, Syam Prasad Reddy and others under the Prevention of Money Laundering Act, 2002.

According to a press release of the Enforcement Directorate its investigations had revealed that Syam Prasad Reddy has laundered the proceeds of the crime through his group of companies M/s Lepakshi Knowledge Hub Pvt. Ltd; M/s Lepakshi Integrated Textile Park Pvt. Ltd; M/s Lepakshi Science and Technology Park Pvt. Ltd; M/s Lepakshi Heritage Wellness Village Pvt. Ltd; M/s Indu Projects Limited etc. in the form of selling or transfer of unduly allotted lands, obtained bank loans by pledging the part of said lands allotted by M/s APIIC Limited and utilized the funds for other than designated purposes such as clearing old debts, diverting funds for activities of other group of companies.

The investigation agency has identified three immovable properties valued at Rs.128,50,80,500/- and two movable properties valued  at Rs.1,00,82,896/- and accordingly attached these properties valued at Rs.130 crores on March 25. (NSS)

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