The Enforcement Directorate has attached YS Jagan Mohan Reddy’s moveable and immovable properties worth Rs 749.10 crore in a case related to criminal conspiracy and money laundering.

The case relates to securing allotment of mining leases to Bharathi Cement Corporation Ltd illegally and for receiving bribes from various persons and companies in the guise of investments in his group companies as quid pro quo for undue favours granted to them by the Andhra Pradesh Government.

The Directorate of Enforcement, Hyderabad Zonal Office has registered a Money laundering case against Jagan Mohan and others under Prevention of Money Laundering Act, 2002.

As per the statement of SA Umashankar Goud, Joint Director, ED, investigation under PMLA revealed that Jagan Mohan Reddy has laundered the proceeds through his group companies, Sundur Power Company, Classic Realty, Silicon Builders, Saraswati Power and Industries, and 10 other companies.

This was in the form of investments, purchase of moveable and immovable properties and third party payments among other means. In addition, Bharathi Cement received the proceeds in the form of lime stone, which was mined from the mines allotted in Kadapa district, illegally.

The value of limestone is estimated to be more than Rs 152 crore during the relevant period, according to the ED.

About 30 properties have been listed by the ED as attached. These include 903 acres land of Sarswathi Power in Guntur district, all assets of Classic Realty in Bangalore, residential unit in Lanco Hills, 2,38,06,435 equity shares of Rs 10 each of Bharti Cement, 124,500 share of Reliance Industries Ltd, 10,500 equity shares of NMDC, fixed deposits of Rs 152 crore in the name of Bharathi Cement among others in all amounting to Rs 749 crore.

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