Assets worth Rs.143.74 crore attached under provisions of Prevention of Money Laundering Act
The Directorate of Enforcement (ED) on Tuesday announced attachment of immoveable properties and moveable assets worth Rs.143.74 crore belonging to Ramky Pharma City and Ramky Group under the provisions of Prevention of Money Laundering Act (PMLA) in the disproportionate assets case against Kadapa MP Y.S. Jaganmohan Reddy.
The attached properties include about 135.46 acres allotted to Ramky Pharma City (India) Ltd and assets of Rs.3.20 crore in the form of deposits in mutual funds and Rs.10 crore fixed deposits of Jagati Publications Pvt. Ltd, the amount equivalent to Ramky Group’s investment in it. The properties were attached under Section 5 (1) of the PMLA.
Second instance
It is the second instance of ED attaching properties in the case. In October last year, the agency attached assets worth Rs. 51 crore, including 35 acres of land and fixed deposit of Rs. 3 crore of Hetero Drugs, 96 acres of land of APL Research Centre Limited, a 100 per cent subsidiary of Aurobindo Pharma, and fixed deposit of Rs. 3 crore of Aurobindo Pharma.
The ED is conducting investigation under PMLA against Mr. Reddy and others for the offence of money-laundering based on the FIR registered by the CBI against him and 73 others.
Sources stated that during the course of the ED investigation, it was revealed that the Ramky Group led by A. Ayodhya Rami Reddy had invested Rs. 10 crore in quid pro quo arrangement in Jagati Publications and got 135.46 acres of land allotted to it. Ramky Pharma City (India) Ltd, which was allotted the land, had either sold plots or leased them out illegally in the land falling in green belt area and made good Rs. 133.74 crore.
Criminal proceeds
Further, it had also come to light that Ramky Pharma had sold 23 plots in a non-SEZ area and leased out eight plots in the SEZ area in the Pharma City named Jawaharlal Nehru Pharma City. The illegal sale proceeds of Rs. 133.74 crore and quid pro quo investment of Rs. 10 crore was identified as criminal proceeds. Further investigation under the PMLA is being carried out by the ED.
Keywords: Enforcement Directorate, Jagan Mohan Reddy, disproportionate assets case, money laundering, black money
Why are the ED or the CBI not attaching the ill-gotten properties of the Congressmen and leaders of parties supporting the UPA and their relatives as for example sons, sons-in-law, et al not being attached? Is it only after Jagmohan Reddy left the Congress and launched his own party that the Government came to know of his corruption? Well, wasn't Manmohan Singh encouraging corruption by inducting into his cabinet or promoting as it were, those known to be corrupt?
V.M.Mohanraj
This CBI investigation is similar to the ones made against Mayawati and Mulayam.
Congress will use the result of this investigation as trump card for their benefit at an
appropriate time in future.
That may be govt. price. The actual rates will be tenfold. He and his father have looted AP like never before and never after.
Finally we see some enforcement activity against politicians who abuse
office. Ok, this amounts to about half of the ill-wealth, what about the
remainder half. We would like to see properties in its entirety attached
and auctioned.
Any illegally gotten wealth belonging to anybody howsoever powerful or mighty deserves punitive action. In that context the action by ED is a welcome move. The enlightenment to hound Mr.Reddy has dawned to the CBI and ED only after Mr.Reddy’s actions and independence became a thorn on the side of the congress makes one to believe all these actions are not completely altruistic in nature. It also makes one to wonder why such action was missing in the case of Robert vadra even though there is overwhelming evidence to suggest all his deals were not so plain.
The state and the people have been defrauded by the two transactions. The Rajshekar Reddy administration gave the land and in return Jagati Piblications gets investments and the state gets shafed.
The Minsiters(s) who approved the allotment, the officials who initialled the concerned files and the revenue department officials who tunred a blind eye to the transaction have a case to answer.
Rape takes many forms. This is a 'gang-rape' of the people by the elected leaders and adminstrators.
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