ED Attaches Assets Worth Rs 27.5 Crore of YS Jagan Reddy, Seizes Dalmia Cement Land

National News: The Enforcement Directorate (ED) has attached assets worth Rs 27.5 crore by former Andhra Pradesh Chief Minister YS Jagan Mohan Reddy in a money laundering case. The action has been taken in a "Kwid Pro Quo" investment case, in which YS Jagan Reddy and his colleagues are accused of using their influence to get government benefits for their companies.

The ED has attached shares of Jagan Reddy's companies - Carmel Asia Holdings Limited, Saraswati Power and Industries Private Limited and Harsha Firm -. Along with this, a land of Rs 377.2 crore of Dalamia Cements (DCBL) has also been confiscated, which is related to the case. However, DCBL has claimed that the real price of the land is Rs 793.3 crore.

Case was registered in 2011

This legal action is related to a 14 -year -old case, which was registered by the Central Bureau of Investigation (CBI) in 2011. In this case, it was alleged that Dalmia Cements invested Rs 95 crore in YS Jagan Reddy's company Raghuram Cements Limited. In return, Jagan Reddy used his political strength to get Dalamia Cements a mining lease of 407 hectares in Kadappa district. Such transactions are called "Kwid Pro Quo", which can be the form of a bribe.

Investigation by CBI and ED revealed that Dalmia Cements achieved mining lease in lieu of this investment made in Raghuram Cements. Apart from YS Jagan Reddy, many other people are also accused in this context. The CBI filed a charge sheet in 2013, in which YS Jagan Reddy, Dalamia Cements and other persons were nominated under the Indian Penal Code and the Prevention of Corruption Act.

Reveal of hawala transaction

The investigation also revealed that YS Jagan Reddy and his colleagues had signed an agreement for the sale of shares of Raghuram Cements. An amount of Rs 135 crore was transacted in this deal, out of which a cash amount of Rs 55 crore was given to YS Jagan Reddy through hawala channels. This cash transaction was found in documents seized by the Income Tax Department.

The CBI and ED have tried to prove during the investigation of the entire case that the entire process was done under corruption and money laundering.

Property seizure and legal action

After the ED action, YS Jagan Reddy has now attached shares of three companies and the land of Dalmia cements has also been confiscated. This action is part of the common action taken by the ED in matters of money laundering and corruption. Now further legal process and investigation is going on in this case, in which it will be proved whether YS Jagan Reddy and other accused have misused government funds or property.