ED attaches Rs 143 cr assets in Jagan money laundering case

This is the third attachment order in this case

The Enforcement Directorate has attached assets worth Rs 143.74 crore in connection with its probe in the money laundering case against YSR Congress party chief Jagan Mohan Reddy.

The attachment order, under criminal provisions of the Prevention of Money Laundering Act (PMLA), is the third by the agency after it issued two separate attachment orders of Rs 51 crore and Rs 71 crore earlier, in this case.

The agency, according to sources, has few more similar orders in the pipeline as it plans to build a water tight case against Jagan and his associates.

Today's order has been issued against the Ramky group of companies which the ED order alleges earned "proceeds of crime" by alleged illegal favours done by the then Andhra Pradesh government and the firm gave kickbacks for favours by remitting illegal money in a firm owned by Jagan Reddy.

"Immovable properties and movable assets worth Rs 143.74 crore under section 5(1) of PMLA are being attached. The properties attached are from Ms Ramky Pharma City (India) Limited and include approximately 135.46 acres of land, deposit of Rs 3.20 crore in mutual funds and fixed deposits for Rs 10 Crore from Jagati Publications Private Limited (held by Jagan Reddy)," the attachment order said.

The agency is probing the case on the basis of the FIR filed by CBI to investigate alleged disproportionate assets amassed by Jagan especially during the tenure of his father-- the late Andhra Pradesh Chief Minister Y S Rajasekhara Reddy.

An ED attachment is an enforcement action under anti-money laundering laws to restrict the accused from taking benefit out of the properties or assets they have created through illegal means.

The accused parties can appeal against the order at the Adjudicating Authority of the PMLA based here.