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Corporate Feb 21, 2013

Jagan Reddy assets case: ED to seize properties worth Rs 122 cr

New Delhi:Enforcement Directorate will take possession of properties worth Rs 122 crore after a competentauthority today approved ED's attachments in connection withits money laundering probe against YSR Congress chief Jagan Mohan Reddy and his associates.

The Adjudicating Authority of the Prevention of MoneyLaundering Act (PMLA) on Wednesday approved two separate attachmentorders valued at Rs 51 crore and Rs 71 crore of the agencypaving way for their immediate seizure by the ED.

Jagan Reddy. PTI.

Jagan Reddy. PTI.

The step will ensure that the parties involved in thesetwo cases will not be able to derive benefits of theseproperties by way of selling, leasing, renting or using theseassets.

The ED had last year issued attachment orders on plotsworth Rs 71 crore owned by Dubai-based Emaar Properties, itsjoint venture Emaar MGF and others in connection with itsprobe into alleged irregularities in land transfer and sale ofvillas and apartments at Hyderabad.

The agency had also issued attachment orders on propertiesworth Rs 51 crore as it attached more than 13 acres of land ofM/s Janani Infrastructure Private Limited and fixed depositsworth Rs 14.50 crore of M/s Jagati Publication Limited as"kickbacks allegedly received in lieu of granting favours" to private entities.

The attachment order, issued under stringent provisions ofPMLA, was also against private companies which were "illegallybenefited as a result of criminal activity" and illegalsanctions granted during the tenure of Y S Rajasekhara Reddy.

The other properties attached by the agency are 35 acresof land and fixed deposit of Rs 3 crore of M/s Hetero DrugsLimited, 96 acres of land of M/s APL Research Centre Limited,a 100 percent subsidiary of Ms Aurobindo Pharma Limited, andfixed deposit of Rs 3 crore of Aurobindo Pharma.

PTI

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