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Corruption case: Jaganmohan Reddy`s assets worth crores sealed

Last Updated: Wednesday, August 20, 2014 - 00:59

Zee Media Bureau

New Delhi: A special anti-money laundering court on Tuesday attached assets worth Rs 800 crore of YSR Congress leader Jaganmohan Reddy and his associates in connection with its probe into alleged corruption and money laundering in an infrastructure project in Andhra Pradesh.
According to reports, the courts order came on a notice of the Enforcement Directorate (ED), issued in March, in which it had slapped separate notices against Jagan and Nimmagada Prasad.

Companies of Jagan and Prasad were allegedly favoured by the then Andhra Pradesh government (when Jagan`s father YS Rajasekhara Reddy was chief minister) in the Vadarevu and Nizampatnam Industrial Corridor (VANPIC) project whose aim was to develop sea ports and a green field airport in coastal areas of the southern state and industrial corridors in Prakasam and Guntur districts.
In 2012, the ED had registered a criminal probe under the Prevention of Money Laundering Act (PMLA) against the individuals and associated firms based on a CBI FIR in this case.

The ED probe had earlier said that there was `quid pro quo` in this deal and hence illegal money exchanged hands.

First Published: Tuesday, August 19, 2014 - 23:25
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