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Rediff.com  » News » Enforcement Directorate attaches Jagan's assets worth Rs 143 crore

Enforcement Directorate attaches Jagan's assets worth Rs 143 crore

January 08, 2013 13:51 IST

The Enforcement Directorate has attached assets worth Rs 143.74 crore in connection with its probe in the money laundering case against YSR Congress party chief Jagan Mohan Reddy.

The attachment order, under criminal provisions of the Prevention of Money Laundering Act, is the third by the agency after it issued two separate attachment orders of Rs 51 crore and Rs 71 crore earlier, in this case.

The agency, according to sources, has a few more similar orders in the pipeline as it plans to build a water-tight case against Jagan and his associates.

"Immovable properties and movable assets worth Rs 143.74 crore under section 5(1) of PMLA are being attached. The properties attached from Ms Ramky Pharma City (India) Limited are approximately 135.46 acres of land and deposit of Rs 3.20 crore in mutual funds and fixed deposits for Rs 10 crore from Jagati Publications Private Limited (held by Jagan Reddy)," the attachment order said.

The agency is probing the case on the basis of the FIR filed by the Central Bureau of Investigation to investigate alleged disproportionate assets amassed by Jagan, especially during the tenure of his father -- late Andhra Pradesh chief minister Y S Rajasekhara Reddy

An ED attachment is an enforcement action under anti-money laundering laws to restrict the accused from enjoying the benefit of the properties or assets they have created through illegal means.

The accused parties can appeal against the order at the Adjudicating Authority of the PMLA.

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