ED attaches Jagan's shares, Dalmia land worth ₹800 cr in old bribery case

The Enforcement Directorate's action stems from a case initially registered by the CBI in 2011, alleging that DCBL invested ₹95 crore in Raghuram Cements Ltd, a company associated with Jagan Reddy

The Enforcement Directorate (ED) in Hyderabad has attached shares worth ₹27.5 crore belonging to former Andhra Pradesh Chief Minister YS Jagan Mohan Reddy, and land worth ₹377.2 crore owned by Dalmia Cements (Bharat) Ltd (DCBL), in a 14-year-old money laundering case. DCBL, however, claims the land is now worth ₹793.3 crore, according to a report by The Times of India.

 

This action is linked to a case first registered by the Central Bureau of Investigation (CBI) in 2011. The case involves a DCBL investment of ₹95 crore in Raghuram Cements Ltd, a company linked to Jagan Reddy. In return, Jagan allegedly used his influence as the CM’s son to help DCBL get a large mining lease in Kadapa district.

 

 

The ED has attached shares held by Jagan in companies like Carmel Asia Holdings, Saraswati Power & Industries, and Harsha Firm. The provisional attachment order was issued on March 31 and reached DCBL on April 15, 2025.

 

According to The Times of India report, investigations by the CBI and ED found that Jagan and others sold their shares in Raghuram Cements to a French company for ₹135 crore. Out of this, ₹55 crore was allegedly given to Jagan in cash through illegal hawala channels between May 2010 and June 2011. These payments were found during an Income Tax raid.  ALSO READ | Crisis deepens at BluSmart as more directors resign amid Gensol crisis

 

Investigating agencies say this proves the ₹95 crore investment was actually a bribe, and not a real business deal. They also found evidence that plans were made to send ₹139 crore more to Jagan’s firms, but this was stopped after the CBI began its probe.

 

A chargesheet was filed in 2013, naming Jagan, his auditor and former MP V Vijaya Sai Reddy, and DCBL as accused. DCBL is listed as accused number three in the case involving the transfer of a mining lease from Eswar Cements to DCBL.

 

DCBL has told market regulator SEBI that it has received the ED’s attachment order, but it will not affect the company’s operations. The company also said it is reviewing the order and will take legal action to protect itself.