ED attaches assets worth Rs 749.10 crore belonging to YSR Congress chief Jaganmohan Reddy

The action by ED is a big blow to Jaganmohan Reddy and his party who are investigated in disproportionate assets case.

New Delhi, June 29: The Enforcement Directorate (ED) probing the money laundering case in which YSR Congress party leader YS Jaganmohan Reddy is accused, has attached assets worth Rs 749.10 crore belonging to the leader, news agency PTI reported. The ED’s action is a blow to Reddy and his party who are investigated in disproportionate assets case.

The ED launched the investigations on the basis of a chargesheet filed by CBI accusing Reddy, son of former state Chief Minister, of entering criminal conspiracy with others to get a mining lease allotted to M/s Bharati Cement Corporation Private Ltd of which Bharati is the chairman, PTI reported. The ED is likely to summon Reddy in next few days.

For his undue favours Reddy received bribes from various companies, ED said in a statement. In 2002, ED had registered a case of money laundering against Reddy and others involved with him, under the Prevention of Money Laundering Act (PMLA). (Also Read: Vijay Mallya declared ‘proclaimed offender’ by PMLA court in bank loan fraud case)

According to reports, the Andhra Pradesh government was earlier planning to take over the management of Sakshi newspaper and Sakshi television channel which is run by YS Jaganmohan Reddy. If the action has been taken by the government against Sakshi media then it could escalate into a major confrontation in Andhra Pradesh, sparking concerns about media independence.

Sakshi, one of the famous Telugu newspaper holds a record in terms of circulation in the state and is a fierce critic of TDP and Andhra Pradesh government. Some months ago Sakshi had featured a series of stories on alleged land scam in Amravati, which is Andhra’s new capital coming up in between Vijayawada and Guntur.

In last 11 years the CBI had filed 11 chargesheets against Reddy and his accomplice who had invested in the business and pertained several crores.