HYDERABAD--The Enforcement Directorate has attached properties worth Rs 130 crores belonging to Indu Projects Limited and its managing director I Syam Prasad Reddy, in the disproportionate assets case filed by CBI against Y S Jagan Mohan Reddy and others.
Based on the chargesheet filed by the CBI charging that Syam Prasad Reddy paid bribes to Y S Jagan Mohan Reddy, whose father late Y S Rajasekhara Reddy was the chief minister at that time, in the guise of investments in a group companies owned by Jagan for the undue favours received by his companies from Government of Andhra Pradesh, the ED, Hyderabad zonal office has registered a money laundering case against Jagan, Mohan Reddy and Syam Prasad Reddy and others under Prevention of Money Laundering Act, 2002(PMLA).
Investigations under PMLA by the ED revealed that Syam Prasad Reddy laundered the ‘Proceeds of Crime’ through his companies Lepakshi Knowledge Hub Private Limited, Lepakshi Integrated Textile Park Private Limited, Lepakshi Science and Technology Park Private Limited, Lepakshi Heritate Wellness Village Private Lmited, and Indu Project Limited in the form of selling or transferring of unduly allotted lands, obtaining bank loans by pledging the part of said lands allotted by AP Industrial Infrastructure Corporation (APIIC) and utilizing the funds for other than designated purposes such as clearing old, diverting funds for activities of other group companies.
During the investigation, the ‘Proceeds of Crime’ were identified in the form of movable and immovable properties and the ED attached 3 immovable properties worth Rs 128,50,80,500 and 2 movable properties valued at Rs 1,00,82,896. The attached properties are 8648.81 acres in Chilamathur and Gotantla Mandals in Anantapur district; 25 acres in Hingana in Nagpur Rural District of Maharashtra belonging to Asara Realty Ventures, a sister concern of Indu Projects; 2.57 acres having built-up area of 14,196 sq feet in Phase 13 of Kukatpally Housing Board belonging to Cyberabad Hitech Integrated Township Development Corporation Private Limited; Rs 1.01 crores of Lepakshi Kno.
Indian Express
