Jaganmohan Reddy PMLA case: ED attaches assets worth Rs 1.2 billion

Central probe agency's zonal office in Hyderabad issued a provisional order for attachment of these properties under PMLA

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The Enforcement Directorate on Wednesday said it has attached assets worth Rs 1.2 billion in connection with its money laundering probe in a case against YSR Congress chief Jaganmohan Reddy and others.

Official sources said the central probe agency's zonal office in Hyderabad issued a provisional order for attachment of these properties under the Prevention of Money Laundering Act (PMLA).

The ED said it has attached "movable and immovable assets worth Rs 1.2 billion under the Prevention of the PMLA of companies of I Syam Prasad Reddy, Indu Projects, Embassy Property Developments and Vasantha Projects in the the Indu- APHB case related to Y S Jaganmohan Reddy."

The agency began its probe against the politician and his associates on the basis of a CBI FIR.

The FIR has stated that since "May 2004, Jagan floated number of companies wherein quid pro quo investments have been made by beneficiaries from decisions of the state government in various forms like SEZs (special economic zones), irrigation contracts, relaxation/permission for real estate ventures, mines among others.