More reports on: Real estate

YSR cash-for-favours case: ED attaches Rs53-cr properties

news
10 February 2015

The Directorate of Enforcement (ED) on Monday provisionally attached three properties worth Rs53 crore belonging to industrialist I Syam Prasad Reddy in relation to the quid pro quo investments case against YSR Congress president Y S Jaganmohan Reddy and others.

The properties attached by the ED include 150 acres of land in the name of Indu Techzone Private Ltd at Mamidipally SEZ in Saroornagar Mandal of Ranga Reddy district worth Rs30 crore, 100 acres belonging to SPR Properties Pvt Ltd at the same place worth Rs20 crore, and land measuring 2,835 square yards belonging to Walden Properties Pvt ltd at Jeedimetla near Hyderabad worth Rs3.12 crore.

According to ED joint director (Hyderabad) K S V V Prasad, the attachment of properties was based on a charge-sheet filed by the Central Bureau of Investigation (CBI) against Syam Prasad Reddy, managing director of Indu Projects, on the charges that he had paid a bribe to 'Jagan', as the YSR chief is generally known,  in the guise of investments in his group companies through the companies of another industrialist Nimmagadda Prasad as quid pro quo arrangement for the undue favours received by his companies.

Earlier, the ED attached properties worth Rs1,139 cr related to the four aspects of the quid pro quo investment cases.





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