ED files case against Katta for money laundering

More trouble is brewing for former minister Katta Subramanya Naidu as the Enforcement Directorate has filed a case under the Prevention of Money Laundering Act, 2002 after attaching his property.
Mr Naidu’s advocate informed the Lokayukta court that the Enforcement Directorate had attached the property of Naidu, his son Katta Jagadish, Itasca Software MD S.V. Srinivas and corporator Gopi and a case had been filed in the court of the Special District and Sessions Court.

All properties, including the residences and bank accounts, were attached two months ago as a precautionary measure.

Notices have also been issued to the four and objections will be filed before the special court on November 30.

With the attachment, the four accused will be unable to either operate their accounts or alienate any of their properties. While the ED argued that only the properties acquired during and after the offence were attached, Mr Naidu’s advocate said properties that were purchased in 1973 too had been attached. The ED decision will be challenged before the Special District and Sessions Court.

Mr Naidu, his son and others face charges in the Special Lokayukta Court of accepting a bribe of Rs 87 crore to allot 325 acres of land to Itasca Software Development Company. The Lokayukta police, who filed a chargesheet on July 8, 2011, had detected large-scale irregularities when the KIADB was acquiring land for Itasca. Mr Naidu and his son have been accused of receiving the payments through Indu Developers, a proxy company run by the Katta family.

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