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ED attaches Ramky assets in Jagan Mohan Reddy case

Source : BUSINESS_STANDARD
Last Updated: Tue, Jan 08, 2013 19:30 hrs

The case pertains to the alleged quid pro quo investments made by the Ramky group companies and its chairman A Ayodhya Rami Reddy in the companies of YS Jagan Mohan Reddy

The Enforcement Directorate on Tuesday attached the properties and movable assets worth Rs 143.74 crore, belonging to Hyderabad-based Ramky group in the ongoing investigation against Kadapa MP YS Jagan Mohan Reddy under the Prevention of Money Laundering Act (PMLA).

The case pertains to the alleged quid pro quo investments made by the Ramky group companies and its chairman A Ayodhya Rami Reddy in the companies of Jagan. As a result of this activity, Ramky Pharma City (India) Private Limited had illegally sold the land falling in the green belt area and acquired Rs 133.74 crore, ED said in a statement.

For allowing it to encroach the green belt area around the pharma park by the government, Ramky chairman paid Rs 10 crore for equity in Jagati Publications Private Limited promoted by Jagan. This was a kickback for the favours done by the state government, it said.

According to the statement, Ramky Pharma City had illegally sold 23 plots in a non-special economic zone (SEZ) area and 8 plots in a SEZ area. The total amount of proceeds of crime together with Rs 10 crore is worth Rs 143.74 crore, it said.

Accordingly, 135.46 acre land of the Ramky Pharma company and a deposit of Rs 3.20 crore in mutual funds besides a fixed deposit of Rs 10 crore from Jagati Publications have been attached, the statement said.



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