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ED told to release assets worth Rs 746 crores belonging to Jaganmohan Reddy

31-07-201931-07-2019 08:13:43 IST
Updated On 31-07-2019 11:11:19 ISTUpdated On 31-07-20192019-07-31T02:43:43.988Z31-07-2019 2019-07-31T02:43:40.972Z - 2019-07-31T05:41:19.594Z - 31-07-2019

ED told to release assets worth Rs 746 crores belonging to Jaganmohan Reddy

In what has come in as a shock for the Enforcement Directorate (ED), the appellate tribunal of Prevention of Money Laundering Act has directed the agency to release assets worth Rs 746 crores belonging to Andhra Pradesh Chief Minister Jaganmohan Reddy and his wife Bharathi. 

The tribunal noticed that there were loopholes in the investigation from ED's side and that the assets were attached in a hurry. The assets that are to be released include Rs 569 crore of Jagan and group, Rs 22.31 crore of his wife Bharathi Reddy and Rs 154 crore of Bharathi Cements Corporation Private Limited.

The case dates back to 2011 when it was alleged that Jagan was awarded a mining lease through unfair means using his political clout. The mining lease was given to Bharathi Cements (Raghuram Cements back then). A case was booked by CBI against Jagan, his wife and some other associates who were a part of the company. 

Regarding the CBI’s allegations, the tribunal said it does not wish to express any opinion on merits and the same have to be considered as per the law. The tribunal said its order was passed with regard to the attachment of properties and confirmation.

During the course of the investigation, the ED had alleged that Rs 416.20 crore was realised by Reddy from the sale of his shares in Bharathi Cement to Parficim SAS, France, and the same was ‘proceeds of crime’.

The tribunal pointed out that this amount was a genuine transaction from the selling of shares and must not be included in the list of illegal transactions as the ED had done.

Sharat Bhamidi

With 5 years of experience in Digital Media, Sharat Bhamdi specialises in creating content for webistes, developing ad campaigns and social media campaigns. At NewsSting, he handles the video division where he brings in content through feature videos and interviews.
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