Hyderabad: The judicial remand of YSR Congress chief YS Jagan Mohan Reddy and others accused pertaining to quid pro quo deals ends on Monday. The case relates to the alleged investments made by industrialists in Jagan's companies when his father, the late YSR Reddy was the Chief Minister, by way of a quid pro quo for government favours.
Jagan was lodged in Chanchalguda jail since his arrest by the Central Bureau of Investigation (CBI) on corruption charges in May last year.
The ED had on May 31 frozen fixed deposits worth more than Rs 34 crore of a media firm owned by Reddy in connection with the money laundering probe against him and others. With this fourth attachment order, the agency has attached more than Rs 300 crore worth of assets and properties belonging to Jagan and others in the disproportionate assets case being probed jointly by the ED and CBI.
The fixed deposits with a total value of Rs 34.66 crore, which had been termed in the order as "proceeds of crime", are in the Jubilee Hill branch of Oriental Bank of Commerce in Hyderabad in the name of Jagati Publications Limited, a firm owned by the Member of Parliament (MP) from Kadapa in Andhra Pradesh.
An ED attachment, under the criminal provisions of the Prevention of Money Laundering Act (PMLA), was an action meant to deprive the accused of properties sourced out of illegal means or through proceeds of crime.
The order, slapped by the investigating officer of the case, can be challenged at the Appellate authority of PMLA within 180 days of issuance.
As per the May 31 order, the ED had identified the attached FDs as "proceeds of crime".
A few other similar attachment orders, under money laundering laws and based on the CBI FIR registered in this case, will also be issued soon, sources had said.
The agency had earlier issued three separate attachment orders of Rs 51 crore, Rs 71 crore and Rs 143.74 crore in this case.
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