Companies

ED attaches Ramky Pharma City properties in money laundering case

V. Rishi Kumar Hyderabad | Updated on March 27, 2015 Published on March 27, 2015




The Enforcement Directorate has attached properties worth about Rs 216 crore belonging to Ramky Pharma City India Limited of Ramky Infra Limited, in the YS Jagan Mohan Reddy assets case under the Prevention of Money Laundering Act.

This attachment is based on the charge-sheet filed by the CBI contending that Ramky Pharma City India Limited (RPCIL) has got undue benefit of 914 acres of land in Jawaharlal Nehru Pharma City, Visakhapatnam by reducing the green belt area from 250 metres to 50 meters.

The ED investigations revealed that due to reduction of green belt area, RPCIL has unduly gained 914 acres for which Ramky Group has invested Rs 10 crore in share capital of Jagati Publications Pvt. Limited (JPPL) belonging to YS Jagan Mohan Reddy.

Out of 914 acres, RPCIL converted 627 acres into industrial plots and sold/leased out plots in 468 acres to different pharma companies.

Earlier, ED had attached properties worth Rs 134 crore belonging to RPCIL and Rs 10 crore of JPPL.

After further investigations, it has identified about Rs 101 crore worth properties unduly gained and already sold. In addition, Rs 115 crore worth 16 plots of 159 acres, which are being sold, are also been identified as proceeds of crime.

Accordingly, the ED attached immovable properties worth over Rs 216 crore, according to a statement.

Published on March 27, 2015
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