Hyderabad: Enforcement Directorate(ED) has
registered a money laundering case against estranged Congress
leader YS Jaganmohan Reddy, his associates and builder
Emaar-MGF, days after CBI had searched various premises
belonging to him.
The case was registered after ED conducted a probe to
trail the funds pumped by the MP and son of former Andhra
Pradesh chief minister YS Rajasekhara Reddy and his
associates into the companies owned by them, ED sources said
on Tuesday.
The agency, according to sources, is expected to speed
up the probe in this case and register separate cases under
foreign currency exchange laws, making the CBI chargesheet in
this case as the basis for its action.
CBI has already registered a case against Reddy on the
direction of Andhra Pradesh High Court under relevant sections
of the IPC pertaining to cheating, criminal conspiracy,
criminal breach of trust and also under provisions of
Prevention of Corruption Act.
It had on August 18 searched the premises of Reddy, his
associates and Emaar-MGF at Hyderabad, Bangalore, Chennai,
Kolkata, Rajkot, Delhi and Mumbai in this connection.
"CBI has registered a case...against a Member of
Parliament from Andhra Pradesh, and others, on the orders of
High Court of Andhra Pradesh...on the allegation that the
investors invested in the companies owned and promoted by the
MP at very high premiums as a quid-pro-quo for the favours
doled out by the then chief minister of Andhra Pradesh," CBI
had said earlier.
PTI
First Published: Tuesday, August 30, 2011, 22:46