The Enforcement Directorate (ED) on Monday attached properties worth Rs53 crore belonging to Indu Projects ltd. in the disproportionate assets case of YSR Congress president and MP YS Jaganmohan Reddy. Indu was among the companies listed in the chargesheets of Jagan case for their alleged quid pro quo investments. The attached properties include 150 acres of land at Mamidipally Village of Ranga Reddy and 2,835 square yards of land belonging to Walden Properties and another 100 acres of land belonging to SPR Properties Private limited.
ED is probing the charges that Syam Prasad Reddy, managing director, Indu Projects ltd., had bribed Jaganmohan Reddy in the form of investment in his group companies through the companies of another industrialist Nimmagadda Prasad in exchange of undue favours extended by YS Rajasekhar Reddy Government. Based on the chargesheets filed by the CBI, ED had registered a money laundering case against Syam Prasad Reddy and Jangamohan Reddy among others.
According to a statement issued by Enforcement Directorate in Hyderabad, the probe under Prevention of Money laundering Act revealed that Syam Prasad Reddy had allegedly laundered the proceeds of crime through his group companies including Indu Techzone, Indu Project and SPR Properties. The investments were made in to the three immovable properties now attached by the ED.
This is the latest in a series of attachment of assets belonging to Jaganmohan Reddy and his associates’ companies. Earlier, the ED had attached assets of Rs863 crore of Jaganmohan Reddy and his associates in March last in connection with the probe of corruption in an infrastructure project. In December last ED attached properties worth Rs 47 crore belonging to Jagati Publications, Janani Infrastructure and Indira Television, all owned by Jaganmohan Reddy.