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Quid-pro-quo case: Indu Group's Rs 130-cr properties attached

 The Enforcement Directorate (ED) has attached properties worth 130 crore in the quid-pro-quo investments case involving YSR Congress chief Y S Jaganmohan Reddy, related to Lepakshi Knowledge Hub (LKH), a group company of Indukuri Syam Prasad Reddy, Managing Director of M/s Indu Projects Ltd.



Hyderabad: The Enforcement Directorate (ED) has attached properties worth 130 crore in the quid-pro-quo investments case involving YSR Congress chief Y S Jaganmohan Reddy, related to Lepakshi Knowledge Hub (LKH), a group company of Indukuri Syam Prasad Reddy, Managing Director of M/s Indu Projects Ltd.

Based on the charge sheet filed by CBI against Syam Prasad Reddy charging that he paid bribes to Jagan in the guise of investments in group companies of the YSR Congress leader through the companies of industrialist Nimmagada Prasad as quid-pro-quo for undue favours received by his companies from Andhra Pradesh government, the ED Zonal Office here registered a money laundering case against Jagan, I Syam and others under Prevention of Money Laundering Act, a senior ED official said.

Investigations under PMLA by ED revealed that Syam Prasad Reddy has allegedly laundered the proceeds of crime through his group companies - M/s Lepakshi Knowledge Hub Private Ltd, Lepakshi Integrated Textile Park Pvt Ltd, Lepakshi Science and Technology Park Pvt Ltd, Lepakshi Hertiage Wellness Village Pvt Ltd, M/s Indu Projects Ltd, in the form of selling/ transfer of unduly allotted lands, obtaining bank loans by pleding the part of these lands allotted by APIIC Ltd, and utilising the funds for other than designated purposes such as clearing old debts, diverting funds for activities of other group companies etc.

"During investigation under PMLA, the proceeds of the crime were identified in the form of movable and immovable properties belonging to Syam Prasad Reddy's group companies, all worth Rs 130 crore," ED Joint Director KSVV Prasad said in a statement here.

The attached properties include 8648.81 acre of land in Chilamathr and Gorantla mandals of Anantapur district of Andhra Pradesh worth Rs 113 crore, 25 acre of land, owned by Asara Realty in Hingana of Nagpur in Maharashtra worth Rs 11 crore, 2.57 acre of land at Kukatpally here owned by Cyberabad Hitech Integrated township development corporation worth Rs 3.85 crore and amount receivable (to LKH) from M/s Greenport Agro Food Park (Rs 64 lakh) and M/s Zen Skillproc Pvt Ltd (Rs 37 lakh).

On September 17, 2013 the CBI had filed a charge sheet against Jagan and others related to the allotment 8,844 acres to LKH and investments thereof as quid-pro-quo to the tune of Rs 50 crore in Jagati Publications which is owned by Jagan, it said.

While Jagan is named as accused number one, his auditor V Vijay Sai Reddy is also listed as accused, along with Syam Prasad Reddy, promoter of Hyderabad-based group of companies called Indu Group, besides some former ministers and some senior IAS officers.

The agency had filed 11 charge sheets in connection with the case which pertain to alleged investments made by various private firms and individuals to the tune of several crores in AP Leader of Opposition Jaganmohan Reddy's businesses, as part of quid-pro-quo arrangement in exchange for alleged favours by erstwhile YSR Rajasekhar Reddy (YSR) government.

From Zee News

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