Enforcement Directorate officials on Thursday attached properties worth Rs.130 crore belonging to I. Syamprasad Reddy of Indu Projects Limited in a money laundering case involving YSR Congress Party leader Y.S. Jaganmohan Reddy.
Earlier, the CBI officials filed a charge-sheet in the quid pro quo case of Y.S. Jaganmohan Reddy stating that Mr. Syamprasad Reddy paid bribes to the former to secure favours from the then erstwhile united Andhra Pradesh government headed by Mr. Jaganmohan Reddy’s father late Y.S. Rajasekhara Reddy. The ED authorities registered a case under Prevention of Money Laundering Act against Mr. Jaganmohan Reddy, Mr. Syamprasad Reddy and others.
According to a statement from the ED officials, investigations revealed that Mr. Syamparasad Reddy laundered proceeds of the crime through his group companies -- M/s Lepakshi Knowledge Hub Private Limited, M/s Lepakshi Integrated Textile Park Private Limited, M/s Lepakshi Science and Technology Park Private Limited, M/s Lepakshi Heritage Wellness Village Private Limited and M/s Indu Projects Limited.
The money was laundered in the form of selling or transferring unduly allotted lands and obtaining bank loans by pledging part of the lands allotted by M/s Andhra Pradesh Industrial and Infrastructural Corporation Limited.
These funds were used for other than the designated purposes such as clearing old debts or diverting funds. Three immovable and two movable properties were identified as proceeds of the crime. They are as follows:
Property: 8,648.81 acres in Chillamathur and Gorantla mandals of Anantapur district, owned by M/s Lepakshi Knowledge Hub Private Limited, M/s Lepakshi Integrated Textile Park Private Limited, M/s Lepakshi Science and Technology Park Private Limited, M/s Lepakshi Heritage Wellness Village Private Limited, valued at Rs.113.65 crore.
Twenty five acres of land in Hingana, Khapari within the Taluka, Nagpur rural, Maharashtra, owned by M/s Asara Realty Ventures Limited, valued at Rs.11 crore
2.57 acres with built-up area of 14,196 square feet of PEB structure, survey no. 1009, Phase XIII, Kukatpally Housing Board, Ranga Reddy district, owned by M/s Cyberabad Hitech Integrated Township Development Corporation Private Limited. Rs. 64 lakh belonging to M/s Lepakshi Knowledge Hub Private Limited to be received from M/s Greenport Agro Food Park Private Limited.
