The Enforcement Directorate has attached three properties — valued over Rs 53 crore — of companies belonging to Indu Projects Limited managing director Indukuri Syam Prasad Reddy for his alleged quid pro quo investments in the firms floated by former Congress chief minister’s son and YSR Congress Party president YS Jagan Mohan Reddy.
The action involves 150 acres of land registered in the name of Indu Techzone Private Limited, another 100 acres registered vide an assignment deed in the name of SPR Properties Private Limited, both located at Mamidipally. The first two land parcels were allotted to Syam Prasad Reddy’s firms by the state government for developing an IT SEZ. The third property is a 2,835-square yard plot registered in the name of Walden Properties Private Limited at Jeedimetla in Hyderabad.
These properties were attached under a provisional attachment order issued on Friday, ED’s joint director KSVV Prasad of Hyderabad zonal office stated in a release.
Based on a charge sheet filed against Syam Prasad Reddy by the Central Bureau of Investigation (CBI) way back in 2012, the ED had registered a case against Syam Prasad Reddy and Jagan among others under the Prevention of Money Laundering Act, 2002 .
According to the CBI charges, Syam Prasad Reddy paid bribes to Jagan in the guise of investments in his group companies through the companies of another businessman Nimmagadda Prasad for undue favours received by his companies from then Andhra Pradesh government when Y S Rajasekhara Reddy was chief minister.
The CBI had filed a separate charge sheet against Nimmagadda Prasad in the quid pro investment case involving Jagan.
Earlier last month, the ED had attached properties of Jagan’s media firms. The CBI had filed around dozen charge sheets in this case and the trial was initiated by the designated CBI court in a couple of these charge sheets late last year.
