Enforcement Directorate attaches Jagan’s property worth Rs 51 crore

Enforcement Directorate attaches Jagan’s property worth Rs 51 croreThe Enforcement Directorate (ED) on Thursday attached YSR Congress president Y S Jagan Mohan Reddy's properties worth Rs 51 crore in the disproportionate assets case.

The properties attached in connection with a money laundering case belong to Jagan's two companies, viz. Jagati Publications and Janani Infrastructure Pvt. Ltd.

The ED also issued similar orders against Aurobindo Pharma Ltd and Hetero Drugs Ltd, which have invested in companies owned by Jagan. The properties attached include ninety-six acres of land and fixed deposit of Rs. three crore belonging to Aurobindo Pharma and thirty-six acres of land and fixed deposit of Rs. three crore belonging to Hetero Drugs.

Chargesheets filed against the enforcement agency alleges that Jagan had indulged in dishing out public properties, mining leases, licences, granting of projects and real estate permission to several companies in violation of regulations. In return, these companies purchased shares in Jagan's companies at uncorroborated premiums.

Apart from Jagan, the chargesheets were filed against Jagan's political advisor Vijay Sai Reddy, bureaucrats K Nityanand Reddy, P Sarath Chandra Reddy and B P Acharya, as well as a number of companies, including Aurobindo Group, Hetero Group, Jagati Publications and Janani Infrastructure Pvt. Ltd.

Till the attachment order is in force, Jagan will not be able to use any of the attached properties or any proceeds generated by those properties.