Enforcement Directorate to take over Rs. 122 crore worth property of Jagan Mohan Reddy

Last Updated: Wed, Feb 20, 2013 13:36 hrs

New Delhi: The Enforcement Directorate (ED) will take possession of properties worth Rs. 122 crore after a competent authority today approved ED's attachments in connection with its money laundering probe against YSR Congress chief Jagan Mohan Reddy and his associates.

The Adjudicating Authority of the Prevention of Money Laundering Act (PMLA) today approved two separate attachment orders valued at Rs. 51 crore and Rs. 71 crore of the agency paving way for their immediate seizure by the ED.

The step will ensure that the parties involved in these two cases will not be able to derive benefits of these properties by way of selling, leasing, renting or using these assets.

The ED had last year issued attachment orders on plots worth Rs. 71 crore owned by Dubai-based Emaar Properties, its joint venture Emaar MGF and others in connection with its probe into alleged irregularities in land transfer and sale of villas and apartments at Hyderabad.

The agency had also issued attachment orders on properties worth Rs. 51 crore as it attached more than 13 acres of land of M/s Janani Infrastructure Private Limited and fixed deposits worth Rs. 14.50 crore of M/s Jagati Publication Limited as "kickbacks allegedly received in lieu of granting favours" to private entities.

The attachment order, issued under stringent provisions of PMLA, was also against private companies which were "illegally benefited as a result of criminal activity" and illegal sanctions granted during the tenure of Y S Rajasekhara Reddy.

The other properties attached by the agency are 35 acres of land and fixed deposit of Rs. 3 crore of M/s Hetero Drugs Limited, 96 acres of land of M/s APL Research Centre Limited, a 100 per cent subsidiary of Ms Aurobindo Pharma Limited, and fixed deposit of Rs. 3 crore of Aurobindo Pharma.

The properties of these firms have been attached as the agency alleges that these companies received illegal favours from the then Andhra Pradesh government.

The ED attachment ensures that these properties cannot be used by the accused and he is devoid of any benefits from these assets, and such an order can be challenged by the accused at the adjudicating authority of the PMLA.

The agency has also attached 34 villa plots created in Boulder Hills, Guchibowli in Hyderabad and another piece of land in Delhi's Kalkaji under PMLA, months after the CBI had registered a criminal case in this regard.

"The proceeds of crime identified so far to the tune of Rs. 71.27 crore have been attached from M/s Emaar Hills Township Private Limited (at the head of Emaar properties, Dubai) and EMGF Land Limited," the attachment order said.

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