Hyderabad: The Enforcement Directorate (ED) on attached properties worth Rs 130 million rupees under investigation for money laundering against YSR Congress president YS Jaganmohan Reddy and Syam Prasad Reddy entrepreneur me.
Case CBI chargesheet Syam Prasad Reddy alleged bribes paid to Jaganmohan under the guise of investments in group companies through Jaganmohan companies Nimmagadda Prasad. Based on that chargesheet, Hyderabad zonal office of ED registered a money laundering case against Jaganmohan Reddy, Syam Prasad Reddy and others under the Law on Prevention of Money Laundering.
Research ED reportedly Syam Prasad Reddy found that washing “proceeds of crime” through their companies Lepakshi Knowledge Hub, Lepakshi Integrated Textile Park, Lepakshi Science and Technology Park, Lepakshi Heritate Wellness Village, and Indu Projects in the form of selling or wrongly allocated land transfer, obtaining bank loans by pledging part of these lands assigned by AP Industrial Infrastructure Corporation, and the use of these funds for purposes other than those designated as diverting to the activities of other companies.
The ED orders issued inherent properties of five companies of the group Syam Prasad Reddy, Managing Director of Indu Projects Ltd.
These include 8,648 acres of Lepakshi Knowledge Hub in Anantapur district of Andhra Pradesh, land Asara Realty Ventures, Maharashtra and Cyberabad Hitech Integrated Township Development Corp Ltd in Telangana.
According to ED, the money laundering case was booked against the two on the basis of a chargesheet filed by the Central Bureau of Investigation (CBI).
Syam Prasad Reddy accused of paying bribes to Jaganmohan Reddy under the guise of investments in group companies latter as a quid pro quo of undue favors received from the government of then undivided Andhra Pradesh.
Jaganmohan Reddy is the son of former Andhra Pradesh chief minister YS Rajasekhara Reddy later.
Research on Prevention Act of Money Laundering (MPLA), Syam Prasad Reddy revealed that laundered the proceeds through its group companies, said a statement from the zonal office of ED Hyderabad.
The ED proceeds of crime identified as movable and immovable property.
It is one of several cases PMLA the ED is investigating against Jaganmohan Reddy, businessmen and senior officials.happy wheels
Feb 19, 2018 0ShareShockingly movie producers get uncommon inconveniences...
Apr 10, 2017 0