The Telegraph
Thursday , March 6 , 2014
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Jagan’s Rs 863cr assets seized

Jaganmohan Reddy

New Delhi, March 5: The Enforcement Directorate today seized assets and properties worth Rs 863 crore of YSR Congress chief Jaganmohan Reddy and his associates in the Vanpic case.

In a statement, the directorate said it was the third seizure in connection with the disproportionate assets case against the Andhra MP.

The ED also seized 855 acres of the Vanpic project, the Vadarevu and Nizampatnam Industrial Corridor that was to develop seaports and an airport in coastal Andhra and industrial corridors in Prakasam and Guntur.

An official said this was possibly the biggest seizure ever by the directorate.

A spokesperson for the directorate said the Kadapa MP would be tried under the Prevention of Money Laundering Act. The CBI has filed 10 chargesheets against Jagan, accusing him of amassing nearly Rs 1,340 crore by using the office of his late chief minister father Y.S. Rajasekhar Reddy.

YSR Congress spokesperson M.V. Mysura Reddy said the Congress’s political vendetta was behind the ED and the CBI actions. “The Congress is gunning for Jagan as he is all set to disrupt the party in both Seemandhra and Telangana,” he said.

Jagan had been up in arms against the Congress over the creation of Telangana.

The ED action was directed towards the properties of Jagan’s companies — Carmel Asia and his media outfit Jagati Publications. The ED also seized properties of industrialist Nimmagadda Prasad, popularly known as Matrix Prasad, who is involved in the Vanpic project. Prasad spent over 18 months in jail along with Jagan and is now out on medical reasons.

ED sources said the seizures included plant and machinery worth Rs 365 crore, fixed deposits of Rs 4.14 crore, Rs 100 crore worth of shares of Indira Television, an arm of Jagan’s media empire, Jagan’s personal assets worth Rs 11 crore, and his share of Rs 57 crore in a power company. The ED also seized 561 acres belonging to Vanpic port.

The directorate had in 2012 registered a criminal probe under the money-laundering act based on a CBI FIR.

The ED probe report said concessions had been extended to the Vanpic project in the form of “alienation of huge chunks of assigned government land to the companies floated by Nimmagadda Prasad”.