;Resize=(690,390) "jagan mohan reddy")
synopsis
The Enforcement Directorate (ED) has attached assets worth crores in a money laundering case involving former Andhra Pradesh CM YS Jagan Mohan Reddy and Dalmia Cements.
Hyderabad: The Enforcement Directorate (ED) has provisionally attached assets worth crores of rupees in connection with a money laundering case involving former Andhra Pradesh Chief Minister YS Jagan Mohan Reddy and Dalmia Cements (Bharat) Limited (DCBL).
The attached assets include shares worth Rs 27.5 crore belonging to Reddy and land worth Rs 377.2 crore (valued at Rs 793.3 crore by DCBL) owned by DCBL. The ED's action stems from a 2011 case registered by the Central Bureau of Investigation (CBI) regarding quid pro quo investments.
According to the ED, DCBL invested Rs 95 crore in Raghuram Cements Ltd., a company represented by Reddy. In return, Reddy allegedly used his influence to secure a mining lease for DCBL in Kadapa district. The ED claims that Reddy received Rs 55 crore in cash through hawala channels as part of the deal.
Related Articles
The investigating agencies allege that DCBL sold its shares in Raghuram Cements Ltd. to a French company, PARFICIM, for Rs 135 crore, and that Rs 55 crore was paid to Reddy in cash. The ED claims that this payment was illegal gratification for the undue benefits received by DCBL from the Andhra Pradesh government.
A chargesheet was filed by the CBI in 2013 against Reddy and others under various sections of the IPC and the Prevention of Corruption Act. The ED's provisional attachment order was issued on March 31 and received by DCBL on April 15, 2025.
DCBL has informed SEBI that it has received the attachment orders and is examining the order to take appropriate legal steps to defend itself. The company stated that the attachment order does not impact its operations.
subscribe to Asianet News Whatsapp channel by clicking here.
subscribe to Asianet News on YouTube by clicking here.