Hyderabad: The special CBI court of the city issued summons to YSR Congress president Y.S. Jagan Mohan Reddy, Rajya Sabha MP Vijay Sai Reddy and Shyam Prasad Reddy of Indu Projects while taking cognisance of the chargesheet filed by the Enforcement Directorate in the matter related to Indu Tech Zone in illegal investments case involving Jagan Reddy.
The special CBI court, the designated court for ED cases, took cognisance of the ED chargesheet directed Jagan Reddy, Vijaya Sai Reddy, Shyam Prasad Reddy, former minister Sabita Indra Reddy, B.P. Acharya IAS, Nimmagadda Prasad and others to appear before it on March 16.
The ED, in its chargesheet, informed the court that during Rajasekhar Reddy’s regime, the erstwhile AP government had allotted 250 acres to Indu Consortium owned by Shyam Prasad Reddy at Mamidipally village in Ranga Reddy district to establish Indu Tech Zone (SEZ).
Mr B.P. Acharya, who was holding charge of vice-chairman and MD of AP Industrial Infrastructure Corporation, had recommended the allotment though the consortium did not have the required qualification.
The ED charged that as soon as the Centre granted approval for the SEZ, Shyam Prasad Reddy transferred 100 acres to SPR Properties owned by his son Dayakar Reddy and also sold shares to two companies belonging to Nimmagadda Prasad.
The ED alleged that Shyam Reddy had invested '50 crore in Jagathi Publications and '20 crore in Caramel Asia Ltd owned by Jagan Mohan Reddy under a quid pro quo deal, and these investments were routed through companies of Nimmagadda Prasad into companies belonging to Jagan Reddy.
The Enforcement Directorate urged the trial court to punish the accused under Section 3 and 4 of the Prevention of Money Laundering Act.
