ED attaches Rs 53 Cr properties in Jagan’s PMLA case

Hyderabad, Feb 9 (INN): The Enforcement Directorate has attached properties worth aver Rs 53 crore belonging to Indukuru Syam Prasad Reddy, Managing Director of Indu Project Limited, in a case of money laundering registered against YSR Congress Party president YS Jagan Mohan Reddy and others.

According to the Enforcement Directorate, based on the charge sheet filed by CBI against Syam Prasad Reddy charging that he paid bribes to Jagan Mohan Reddy in the guise of investments in the group companies of Jagan Mohan Reddy through the companies of Nimmagadda Prasad as quid pro quo for the undue favours received by his companies from Government of Andhra Pradesh, the Directorate of Enforcement (ED), Hyderabad Zonal Office had registered a Money Laundering Case against Jagan Mohan Reddy, Syam Prasad Reddy and others under Prevention of Money Laundering Act, 2002 (PMLA).

“Investigations under PMLA by the Enforcement Directorate revealed that Syam Prasad Reddy has laundered the Proceeds of Crime through his group companies M/s Indu Techzone Private Limited, M/s Indu Projects Limited, M/s SPR Properties Private Limited, etc., in the form of investments in group companies, land advances, etc., During investigation under PMLA, the Proceeds of Crime were identified in the form of three immovable properties of document value of above Rs.53 Crore and the same were attached vide Provisional Attachment Order No.03/2015 dated 06.02.2015,” the ED said in a press release.

The attached properties include 150 Acres of land worth about Rs 30 Crore in Sy. Nos.99/1 of Mamidipalli village in Saroor Nagar mandal of Ranga Reddy district belonging to M/s Indu Techzone Private Limited. 100 Acres of land worth Rs 20 Crore in the same area registered in favour of M/s SPR Properties Private Limited and 2,835 Sq Yards of land worth about Rs 3.11 Crore in Sy. No. 81/1 of Jeedimetla belonging to M/s Walden Properties Private Limited too have been attached.