Enforcement Directorate seizes assets of N Srinivasan, Jagan Mohan Reddy

This was the seventh attachment in the case
Hyderabad: The ED has provisionally attached properties worth Rs 232.28 crore of former BCCI chief N. Srinivasan and AP Opposition leader Y.S. Jagan Mohan Reddy in the quid pro quo investments case.
Properties of India Cements in Hyderabad and other areas and properties of Bharathi Cement Corporation and Janani Corporation in Kadapa and Vizag were attached.
Rs 1,424 cr properties attached:
A total of Rs 1,424.68 crore worth of properties of Mr Jagan Mohan Reddy and other accused in the case including former BCCi chief N. Srinivasan and Mr Nimmagadda Prasada have been attached so far in the quid pro quo investments case. The attachments begun in October 2012; this was the seventh attachment in the case.
“Based on the chargesheet filed by CBI, alleging that N. Srinivasan, MD of India Cements, had paid bribes to Mr Jagan Mohan Reddy in the guise of investments in his group companies for undue favours received, the ED has registered a case of money laundering. Investigations revealed that Carmel Asia Holdings, Jagati Publications, Bharathi Cement Corporation and India Cements have laundered the proceeds of crime in the form of investments,” said an ED official.
The CBI, in the chargesheet, had alleged that India Cements had invested around Rs 140 crore in Mr Jagan Mohan Reddy’s group of companies and had received several benefits in the form of permissions for utilising additional water from Kagna and Krishna rivers and lease of land.
Five immovable properties valued at Rs 6 crore and 24 movable properties valued at Rs 226 crore held by Bharathi Cement Corporation, India Cements and others were attached. The attached properties include 2.11-acre land in Kadapa, 1.97-acre land in Visakhapatnam, two-acre land in Hoskoke, Bengaluru, and 886-sq.-yard plot with 8,000 sq. ft of land of India Cements at Panjagutta.
ED attachments so far in Jagan case-1424.68 crore
October 4, 2012 - Rs 51 crore in Hetero Drugs and Aurobindo Pharma case
January 8, 2013 - Rs. 143.74 crore worth properties in Ramky case
June 1, 2013 - Rs 34.66 crore in A.K. Dandamudi and others case
March 6, 2014 - Rs 863 crore in Vanpic case related to Mr Nimmagadda Prasad
December 16, 2014 - Rs 47 crore in Penna Cements case
Feb 10, 2015 - Rs 53 crore of Indu Project - Shyam Prasad Reddy
Feb 25 2015 - Rs 232.28 crore in India Cements - Srinivasan case
( Source : dc correspondent )
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