ED attaches Rs.749 Cr assets of Jagan

Moveable and immovable assets valued at over Rs 749 crore belonging to YSR Congress Party chief Y S Jagan Mohan Reddy and his wife Y S Bharathi were attached by the Enforcement Directorate on Wednesday under the Prevention of Money Laundering Act(PMLA). The agency launched the investigations on the basis of a charge sheet filed by the CBI accusing Jagan of entering into a criminal conspiracy with others to get a mining lease allotted to M/s Bharathi Cement Corporation Private Ltd of which Bharathi is the chairman.

Jagan’s attached properties include real estate and fixed assets of various companies worth Rs 344 crore and movable properties, including shares and FDs. Properties including Jagan’s palatial Lotus Pond residence in Jubilee Hills, Sakshi Towers in Banjara Hills having offices of Sakshi newspaper and TV channel, Bharathi Cements, Sandur Power Project, 903-acre land in Guntur, and land in Hakimpet on the outskirts of Hyderabad were also attached. The ED had earlier attached his assets worth Rs 1,775 crore. With Wednesday’s attachment order, the ED has attached Rs 2,524 crore worth of property owned by Jagan.