June 30, 2016
The Enforcement Directorate Wednesday attached moveable and immovable assets valued at over Rs 749 crore belonging to YSR Congress Party chief Y S Jagan Mohan Reddy under the Prevention of Money Laundering Act (PMLA).
The provisional attachment order was issued Wednesday and took effect immediately.
Jagan’s attached properties include real estate and fixed assets of various companies worth Rs 344 crore and movable properties, including shares and FDs. The ED had earlier attached his assets worth Rs 1,775 crore. With Wednesday’s attachment order, the ED has attached Rs 2,524 crore worth of property owned by Jagan.
The ED had registered a case against Jagan and others for money laundering under PMLA based on the chargesheet filed by the CBI, accusing Jagan of allegedly receiving bribes in his companies in the guise of investments from businessmen and companies in lieu of alleged undue favours granted to them by the Andhra Pradesh government headed at that time by his father late Y S Rajasekhara Reddy.
According to ED, Jagan received various investments in his companies after 2004 when Y S Rajasekara Reddy became chief minister.