AP: Rs 130 crore attached from accused who ‘bribed’ Jaganmohan Reddy

The CBI’s chargesheet case alleges Syam Reddy paid bribes to Jagan in guise of investments in his companies.

The Enforcement Directorate has attached properties worth nearly Rs 130 crore in a money laundering case linked to the CBI’s disproportionate assets case against Y S Jaganmohan Reddy and others. These properties belong to Indu Projects Ltd and its managing director I Syam Prasad Reddy, who allegedly bribed Jaganmohan for favours received from the Andhra Pradesh government when Jaganmohan’s father, the late Y S Rajasekhara Reddy, was CM.

Investigators attached three immovable properties worth Rs 128.51 crore and two movable properties worth Rs 1.01 crore (see box).

The CBI’s chargesheet case alleges Syam Prasad Reddy paid bribes to Jaganmohan in the guise of investments in Jaganmohan’s group companies through the companies of Nimmagadda Prasad. Based on that chargesheet, the ED’s Hyderabad zonal office registered a money laundering case against Jaganmohan Reddy, Syam Prasad Reddy and others under the Prevention of Money Laundering Act.

ED investigations reportedly found that Syam Prasad Reddy laundered the “proceeds of crime” through his companies Lepakshi Knowledge Hub, Lepakshi Integrated Textile Park, Lepakshi Science and Technology Park, Lepakshi Heritate Wellness Village, and Indu Projects in the form of selling or transferring unduly allotted lands, obtaining bank loans by pledging part of these lands allotted by AP Industrial Infrastructure Corporation, and utilising these funds for purposes other than designated, such as diverting them for the activities of other companies.

Source:: Indian Express