ED Freezes Jagan Reddy’s Shares Worth Rs 27.5 Crore In 14-Year-Old Money Laundering Case

The Enforcement Directorate (ED) in Hyderabad has provisionally attached shares worth Rs 27.5 crore belonging to former Andhra Pradesh Chief Minister and YSR Congress Party chief YS Jagan Mohan Reddy in a long-standing money laundering case involving quid pro quo investments.The shares, held in Carmel Asia Holdings Limited, Saraswati Power and Industries Private Limited, and Harsha Firm, were seized by the Hyderabad unit of the ED.

Alongside Reddy's assets, land worth Rs 377.2 crore owned by Dalmia Cements (Bharat) Limited (DCBL) was also attached. DCBL, however, claimed the value of the attached property stands at Rs 793.



3 crore.The attachment is part of an investigation that began after a case which was first registered by the CBI in 2011, alleging that DCBL invested Rs 95 crore in Raghuram Cements Limited, a company linked to Jagan Reddy. In return, Reddy reportedly leveraged his father YS Rajasekhara Reddy’s influence, then the Chief Minister, to secure a 407-hectare mining lease for DCBL in Kadapa district.

Also Read: Related News | National Herald case: Probe Agency ED Begins Process To Seize Assets Worth Rs 700 Crore Linked To Sonia, Rahul GandhiThe CBI filed a chargesheet in 2013 against Jagan Reddy, DCBL, and others under multiple sections of the IPC and the Prevention of Corruption Act. The case also involves the controversial transfer of a mining lease from Eswar Cements to DCBL.Investigations revealed that Jagan Reddy, along with former MP and auditor V Vijaya Sai Reddy and DCBL’s Puneet Dalmia, had allegedly agreed to sell their shares in Raghuram Cements to French firm PARFICIM for Rs 135 crore.

Of this, Rs 55 crore was routed to Reddy in cash via hawala channels between May 2010 and June 2011. These transactions were tracked based on documents seized by the Income Tax Department in Delhi.Also Read: Related News | Robert Vadra Grilled by ED in 2008 Haryana Land Deal Case For Over 6 Hours, Says 'Nothing to Hide'The ED issued the provisional attachment order on March 31, which was received by DCBL on April 15.

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