ED attaches Jaganmohan Reddy firms' property worth Rs.47 crore
news Wednesday, December 17, 2014 - 05:30
The News Minute | December 17, 2014 | 7:55 am IST The Enforcement Directorate has attached properties, valued at over Rs. 47 crore, of three firms owned by YSR Congress Party chief Y.S. Jaganmohan Reddy in an alleged money laundering case. Enforcement Directorate's Hyderabad zonal office attached properties of Jagati Publications, Janani Infrastructure and Indira Television. Plant and machinery of Indira Television to the extent of Rs.24.85 crore, of Jagati Publications worth Rs.5.59 crore and lands, buildings, warehouse and other properties of Janani Infrastructure worth Rs.16.56 crore were attached in various districts of Telangana and Andhra Pradesh. Jagati Publications publishes Telugu daily "Sakshi" while Indira Television runs 24-hour Telugu news channel "Sakshi". The case was initiated by the Central Bureau of Investigation (CBI) against Jaganmohan Reddy's companies Jagati Publications and Carmel Asia Holdings. The two firms have been charged with receiving funds from PR Energy Holdings in return of undue benefits granted to Penna Group of Companies. The investigations by the ED under the Prevention of Money Laundering Act, 2002, revealed that Carmel Asia Holdings received Rs.23 crore and Jagati Publications received Rs.45 crore from PR Energy Holdings. A statement by ED said this amount of Rs.68 crore was received by Jaganmohan Reddy's companies in return of undue benefits granted to Penna Group of Companies like grant of mining leases and alienation of government lands when his father Y. S. Rajasekhara Reddy was the chief minister of Andhra Pradesh. Investigations conducted so far revealed that out of Rs.68 crore, an amount of Rs.47 crore, which constitutes the proceeds of the crime, has been invested in Jagati Publications, Janani Infrastructure and Indira Television. With IANS
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