Hyderabad: The Hyderabad unit of the Enforcement Directorate (ED) provisionally attached shares worth Rs 27.5 crore belonging to Andhra Pradesh former chief minister YS Jagan Mohan Reddy in a money laundering case involving quid pro quo investments. Along with the YSR Congress party chief’s shares, the central agency also seized land worth Rs 377.2 crore owned by Dalmia Cements (Bharat) Limited (DCBL) in the same case. The DCBL, however, stated that the attached property is worth Rs 793.3 crore.
The case involves DCBL’s investment in a company, Bharathi Cement Corporation Private Limited. DCBL received on April 15, the ED’s attachment order, which was issued on March 31. The land originally purchased by DCBL was valued at Rs 377 crore. CBI and ED investigations found that DCBL had earlier invested Rs 95 crore in Raghuram Cements Limited, a company linked to Jagan Reddy.
Further, the agencies allege that Jagan Reddy, along with auditor and former MP V Vijaya Sai Reddy and DCBL’s Puneet Dalmia, entered into an agreement to sell their shares in Raghuram Cements Limited to a French company, PARFICIM, for Rs 135 crore. Of this, Rs 55 crore was allegedly paid to Jagan Reddy in cash through hawala channels between May 16, 2010, and June 13, 2011.
