New Delhi: The properties of YSR Congress leader Jaganmohan Reddy and his associates worth 863 crore had to be seized in connection with Enforcement Directorate’s probe into alleged corruption and money laundering in an infrastructure project in Andhra Pradesh.
A special court on Tuesday ha confirmed the attachment of properties.
Notify that a notice had been issued in March by Enforcement Directorate (ED) in 2012 in which it had slapped separate notices against Jagan and Nimmagada Prasad whose companies were allegedly favoured by the then Andhra Pradesh government (when Jagan’s father Y S Rajasekhara Reddy was chief minister) in the Vadarevu and Nizampatnam Industrial Corridor (VANPIC).
The main aim of the project was to develop sea ports and a green field airport in coastal areas of the southern state and industrial corridors in Prakasam and Guntur districts.
The order of the court had been come as a response of the notice.
The current order, under the Prevention of Money Laundering Act (PMLA), has been the largest order for attachment of assets in this case.
The ED probe had said that there was a ‘quid pro quo’ in this deal and hence illegal money exchanged hands.
Sources claimed, “The court has confirmed the ED order and the agency will soon take possession of these assets.”
The ED probe report states, “Various concessions were extended to the VANPIC project in the form of alienation of huge chunks of assigned government land to the companies floated by Nimmagadda Prasad, development of shipyard, green filed airport, exemptions from levy of stamp duty and registration charges, seigniorage (deed-signing) fee and other undue benefits were extended.”
Bureau Report
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