Enforcement Directorate (ED) Hyderabad, has attached 231 Acres of land and part of Hotel Building worth ₹7.85 crores in a case related to YS Jaganmohan Reddy – ED tweeted today.
The property attached under provisions of Prevention of Money Laundering Act (PMLA),2002, belongs to M/S Penna Cement Industries Limited and M/S Pioneer Holiday Resorts Limited. The immovable assets cover the lands belonging to Penna cements in Anatapur district, while the hotel is located in the Banjara Hills area in Hyderabad.
The ED has filed the cases against these companies based on the charge-sheet filed by CBI in jaganmohan Reddy’s disproportionate assets cases, under money laundering Act. The CBI charged that these companies paid bribes to Jaganmohan Reddy in the name of investments for the undue favors they received from state government headed by YS Rajasekhar Reddy, Jagan’s father. These cases are popular as “quid pro quo” cases.