Jagan’s Rs 863 crore assets seized!

Jagan's Rs 863 crore assets seized

Jagan’s Rs 863 crore assets seized

In a big blow to beleaguered Y.S Jagan Mohan Reddy, who is out on bail in Disproportionate Assets case, the Enforcement Directorate (ED) on Wednesday attached his assets worth Rs. 863 crore. In its biggest criminal action in a money laundering case, ED cracked its whip on Jagan Reddy in connection with its probe into alleged corruption in VANIPIC (Vadarevu and Nizampatnam Industrial Corridor) infrastructure project in Andhra Pradesh. “This is one of the biggest attachments done by the ED in a money laundering case. The assets will now be seized,” sources privy to the development told.

The national agency slapped separate notices against Mr Jagan and Nimmagadda Prasad whose companies were allegedly favoured by the then Andhra Pradesh government (when late YS Rajasekhara Reddy was Chief Minister) in VANPIC project, set up to develop sea ports and a green field airport in coastal areas of the southern state and industrial corridors in Prakasam and Guntur districts.

The ED had registered a criminal probe in 2012 under the Prevention of Money Laundering Act (PMLA) against the individuals and associated firms based on a CBI FIR in this case. The ED probe said there was ‘quid pro quo’ in this deal and hence illegal money exchanged hands. The CBI chargesheet, which the ED relied upon, said “illegal gains to the tune of Rs. 1426.17 crore was made to Mr Prasad in the acquisition of lands and Rs. 854.54 crore was made to Mr Jagan and his companies as quid pro quo by Mr Prasad and his companies.”