ED Attaches YS Jagan’s Properties Worth Rs 51 Cr

ED Attaches YS Jagan’s Properties Worth Rs 51 Cr

The Enforcement Directorate on Thursday issued orders to attach properties worth Rs 51 crore belonging to Kadapa MP Y.S. Jagan Mohan Reddy and his business associates under the Prevention of Money Laundering Act (PMLA).

The ED evoked Section 5 (1) of the PMLA to attach the properties that include around 13 acres of land of Janani Infrastructure and fixed deposits to the tune of Rs 13.5 crore of Jagathi Publications Ltd, 35 acres of land and fixed deposit of Rs 3 crore of Hetero Drugs Ltd, 96 acres of land of APL Research Centre Limited at Bachupally owned by Aurobindo Pharma and fixed deposits of Rs 3 crore in the name of Aurobindo.

It has been alleged that Jagan’s firms and the pharma companies which had invested in them had benefitted illegally to the tune of Rs 51 crore due to quid pro quo investments during YSR’s rule.

While the Kadapa MP’s firms got Rs 29.5 crore as kickbacks in the form of investments, Hetero, Trident and Aurobindo got Rs 21.5 crore in the form of land allotments at low costs. The investment of Rs 29.5 crore by the three firms was part of the Rs 1,246-crore investment made through various means for favours like SEZs, mining permissions and so on.

Meanwhile, the Supreme Court rejected the bail petition of Jagan. He is presently lodged in Chanchalguda jail.

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