ED orders to attach Jagan property worth `51 crores

Oct 05, 2012 - U. SUDHAKAR REDDY |

Age Correspondent

Hyderabad

In a big blow to jailed MP Y.S. Jagan Mohan Reddy, the Enforcement Directorate on Thursday issued orders to attach properties worth `51 crores belonging to him and his business associates under the Prevention of Money Laundering Act.
Other than Mr Jagan Mohan Reddy’s Jagati Publications and Janani Infrastructure, properties of city-based pharma companies Hetero, Aurobindo and Trident Life Sciences have also be attached.
The Enforcement Directorate evoked Section 5(1) of the PMLA to attach the properties that include around 13 acres of land of Janani Infrastructure and fixed deposits to the tune of `13.5 crores of Jagathi Publications Limited, 35 acres of land and fixed deposit of `3 crores of Hetero Drugs Limited, 96 acres of land of APL Research Centre Limited at Bachupally owned by Aurobindo Pharma and fixed deposits of `3 crores in the name of Aurobindo were attached. It has been alleged that Mr Jagan Mohan Reddy’s companies and the pharma companies which had invested in them had benefited illegally to the tune of `51 crores due to quid pro quo investments during YSR’s rule.
Whereas the Kadapa MP’s companies got `29.5 crores as kickbacks in the form of investments, Hetero, Trident and Aurobindo got `21.5 crores in the form of land allotments at low costs.

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