Vasanth Projects gets Hyderabad High Court relief in Jagan's investments case

Hyderabad: The Hyderabad High Court has granted relief to Vasanth Projects Ltd by staying the provisional attachment by Enforcement Directorate of Rs 4.05 crore bank deposits in the illegal investments case of YSR Congress president Y.S. Jagan Mohan Reddy. Justice M. Seetharama Murti granted interim stay on a petition by Vasanth Projects represented by its director V.V. Krishna Prasad challenging the provisional attachment and also ED notices. The Central Bureau of Investigation had Vasanth Projects as one of the accused in the case.

Counsel for petitioner K. Vivek Reddy said ED had attached the deposits illegally. The petitioner had entered into an agreement with erstwhile AP Housing Board to develop a housing project in 4.29 acres at Gachibowli during Y.S. Raja-sekhar Reddy’s regime. He said the petitioner had paid Rs 2.28 crore to the Board.

Counsel contended that the ED allegation against the petitioner that it had benefited illegally was baseless and the petitioner had completed 90 per cent of the project and had not transferred the houses to the Board as the petitioner’s share was yet to be paid. While granting the interim order, the judge issued notice to the ED and directed it to file the counter-affidavit.