Enforcement Directorate has attached movable and immovable properties worth nearly Rs. 232.28 crore belonging to Bharathi Cement and India Cements companies in the ‘quid pro quo’ case involving Y.S. Jagan Mohan Reddy.
The ED’s Hyderabad zone officials said in a press release that the attached properties include five immovable assets worth Rs. Six crore and 24 movable assets valued nearly Rs. 226 crore. The attachment order was based on the charge-sheet filed by the CBI alleging that M/s The India Cements Limited managing director N. Srinivasan paid bribes to Y.S. Jagan in the guise of investments in the latter’s companies.
The bribes, according to the charge-sheet, were paid for the undue favours received by Mr. Srinivasan’s company from the Andhra Pradesh government. Y.S. Jagan’s father Y.S. Rajasekhara Reddy was A.P. Chief Minister then.
