Tribunal unfreezes YS Jagan Mohan Reddy’s properties

Hyderabad: In what has come as a temporary relief to Andhra Pradesh Chief Minister Y.S. Jagan Mohan Reddy, the Appellate Tribunal that is hearing the Prevention of Money Laundering Act (PMLA) case against him, has said that the attachment of Jagati Publicat-ion’s properties i.e. plant and machinery worth Rs 273.39 crore, was not required to continue.

The tribunal’s direction has come as a blow to the ED’s investigation. The Appellate Tribunal for Pre-vention of Money Laun-dering Act (PMLA) has also directed the release of assets worth `746 crore belonging to Mr Reddy and his wife Bharathi Reddy.

Mr Reddy owns Jagati Publications, a media house. The Enforcement Directorate (ED) had registered a case against him based on the FIR issued by the Central Bureau of Investigation (CBI), which was inquiring into the disproportionate assets case of Mr Reddy.

In a separate order on July 26, the Tribunal had said that as far as allegations made by the CBI were concerned, the same would be decided by the special court, without any influence of the order.

The present order was passed only on the attachment of appellant’s properties and the subsequent confirmation.

The case dates back to 2011, when the CBI booked a case against Mr Reddy, his wife, and companies that they owned.

Mr Reddy was suspected of entering into a criminal conspiracy with certain public officials to get a mining lease wrongfully awarded in favour of his company Bharathi Cement Corporation (then Raghu-ram Cements) in violation of the statutory provisions.

On the basis of such mining lease, Mr Reddy was alleged to have proceeded to establish a BCCL plant and investments were made which were thus the proceeds of crime. Based on the CBI’s FIR, the ED registered the case and attached Mr Reddy’s assets.