Jagan Mohan Reddy’s assets worth Rs 134cr to be attached

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Hyderabad: The adjudicating authority under the Prevention of Money Laundering Act has approved the attachment of Y.S. Jagan Mohan Reddy’s assets worth Rs 143.74 crore, by the Enforcement Directorate.
The assets include land in Ramky Pharma City worth about Rs 130 crore, and bank deposits worth about Rs 10 crore in the name of Jagati Publications. The ED can seize the properties unless the order of the adjudicating authority is challenged in the appellate tribunal.
The authority held that the charges against Ramky and YSRC chief are appropriate and attachment was the right decision. (This action is separate from the expected attachment of the YSRC chief’s bungalows, reported in these columns on June 3.)
Ramky benefited by 914 acres
The Adjudicating Authority said that Ramky Pharma had benefited by about 914 acres when the green belt was reduced in Pharma City.
This is the second ratification that the Adjudicating Authority has issued for attachment of properties in the disproportionate assets case against Jagan Mohan Reddy.
In February this year, the Authority had approved another order of the ED for attachment of properties worth Rs 51 crore belonging to Aurobindo Pharma, another of Reddy's companies.
The ED had issued orders for the attachment of more fixed deposits worth Rs 34.66 crore held by Jagati Publications last week, which is yet to be ratified by the Adjudicating Authority.
In January this year, the ED had issued attachment orders for immovable and movable properties owned by Jagan Mohan Reddy valued at Rs 143.74 crore, which included 135.46 acres of land in Ramky Pharma City in Visakhapatnam, deposit of Rs 3.2 crore in mutual funds and Rs 10 crore in fixed deposits in the name of Jagan Mohan Reddy’s Jagati Publications.
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Total attachments in the case against Y.S. Jaganmohan Reddy by the Enforcement Directorate (ED) is Rs 229.4 crore.
1. Rs 34.66 crore in fixed deposits of Jagati Publications in May 2013.
2. Rs 143.74 crore in Ramky Pharma City and fixed deposits of Jagati Publications in January 2013.
3.Rs 51 crore in assets of Aurobindo Pharma in October 2012.