Attaches Rs.34.66 crore FDs of Jagati Publications
In yet another blow to Kadapa Member of Parliament Y.S. Jaganmohan Reddy, who is in judicial custody in the case of quid pro quo investments in his companies for over a year now, the Directorate of Enforcement (ED) on Friday attached fixed deposits worth Rs.34.66 crore belonging to Jagati Publications Ltd.
Deposits lying with OBC
The attachment was made under Section 5 (1) of the Prevention of Money Laundering Act (PMLA). The attached fixed deposits were lying with the Jubilee Hills branch of Oriental Bank of Commerce (OBC) in Hyderabad.
The ED said its investigation under PMLA had revealed inter alia that payment of funds by A.K. Dandamudi, T.R. Kannan and Madhav Ramachandra totalling to Rs.34.66 crore to Jagati Publications Ltd., was done by committing offences with criminal conspiracy and cheating.
The amount was proceeds of crime and was parked with OBC by Jagati Publications, the enforcement agency said in a press statement issued in New Delhi.
Probe under PMLA in progress
Further, the ED stated that its investigation under PMLA was in progress in respect of other charge-sheets filed by Central Bureau of Investigation (CBI) probing the quid pro quo investments case against Jaganmohan Reddy in the matter of Vanpic project and Dalmia Cement aspects.
Earlier in October 2012, the ED had attached properties worth Rs.51 crore belonging to Aurobindo Pharma Ltd. Later in January this year, the agency had attached assets worth Rs.143.74 crore pertaining to Ramky Pharma City Ltd.
The fresh attachment takes the total assets attached in the case to Rs.229.4 crore, the ED said.
The attached fixed deposits are with the Oriental Bank of Commerce (OBC) in Hyderabad Payment of funds done by committing offences with criminal conspiracy and cheating, says ED
The attached fixed deposits are with the Oriental Bank of Commerce (OBC) in Hyderabad
Payment of funds done by committing offences with criminal conspiracy and cheating, says ED