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ED attaches Rs 117 cr assets of Indu Projects promoter

IANS  |  New Delhi 

The (ED) has attached properties worth Rs 117.74 crore of three companies belonging to Indukuri Syam Prasad for his alleged in a firm floated by Party President Y.S. Mohan

The attached movable and immovable assets include undeveloped lands illegally allotted to the companies of Syam Prasad Reddy, properties of and fixed deposits held by and

The case is a follow up of money laundering offences in 11 chargesheets filed by the (CBI) against Mohan and others, an ED said.

The ED attached the properties under Prevention of Money Laundering Act (PMLA).

The present case is a quid pro quo investment where Syam made huge in the companies floated by for the favours received from government by way of allotment of 8,844 acre of land for Lepakshi Knowledge Hub Private Ltd, 250 acres of land at Shamshabad for Indu Techzone Private Ltd and various housing projects to

At the time of the irregularities, Y.S. Rajasekhara Reddy, father of Jagan Mohan Reddy, was the of

The CBI filed three chargesheets in respect of undue favours received by Syam of which the ED has already issued provisional attachment orders in connection with two cases relating to and

The present attachment is in connection with the CBI chargesheet relating to various housing projects allotted by the then A.P. Housing Board to

The ED investigation so far has revealed that Syam paid bribe to Jagan in the form of at exorbitant premiums.

"In lieu of quid pro quo payments made by Syam Prasad Reddy, he was illegally favoured by the then government by awarding housing projects at Kukatapally (65 acres), (50 acres), (4.575 acres) and Nandyal (75 acres) by deviating all standard norms and without examining the technical or financial capabilities.

"Syam Pasad Reddy was also unduly favoured by (APHB) by

granting huge chunks of land for housing projects at a very cheap price as compared to

prevailing market rates which caused huge loss to APHB in the form of revenue generation," an ED statement said.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, January 03 2018. 21:08 IST