ED attaches properties of Srini, Jagan in quid-pro-quo case

The Enforcement Directorate has provisionally attached properties worth Rs232.28 crore belonging to former Board for Control of Cricket in India chief N Srinivasan and Andhra Pradesh opposition leader Y S Jagan Mohan Reddy in an investments-for-favours case.

Properties of India Cements in Hyderabad, controlled by Srinivasan, and other areas and properties of Bharathi Cement Corporation and Janani Corporation in Kadapa and Vizag, were attached.

A total of Rs1,424.68 crore worth of properties of Jagan Mohan Reddy and others accused in the case, including Srinivasan and Nimmagadda Prasada have been attached so far in the quid pro quo investments case. The attachments began in October 2012; this was the seventh attachment in the case.

Srinivasan, or 'Srini' as Indian headlines have dubbed him, is of course fighting tooth and nail to regain control of the lucrative Indian cricket board despite various court strictures.

''Based on the charge-sheet filed by CBI, alleging that N Srinivasan, MD of India Cements, had paid bribes to Jagan Mohan Reddy in the guise of investments in his group companies for undue favours received, the ED has registered a case of money laundering. Investigations revealed that Carmel Asia Holdings, Jagati Publications, Bharathi Cement Corporation and India Cements have laundered the proceeds of crime in the form of investments,'' said an ED official.

The Central Bureau of Investigation (CBI) chargesheet alleges that India Cements had invested around Rs140 crore in Jagan Mohan Reddy's group of companies when he was the state chief minister, and had received several benefits in the form of permissions for utilising additional water from Kagna and Krishna rivers and lease of land.

Five immovable properties valued at Rs6 crore and 24 movable properties valued at Rs226 crore held by Bharathi Cement Corporation, India Cements and others were attached. The attached properties include 2.11 acres of land in Kadapa, 1.97 acres in Visakhapatnam, two acres land in Hoskoke, Bengaluru, and an 886-sq-yard plot with 8,000 sq ft of land of India Cements at Panjagutta.

The ED's Hyderabad Zonal Office had registered a money-laundering case against Jagan and others under the Prevention of Money Laundering Act.

Investigations revealed Carmel Asia Holdings Pvt Ltd, Jagati Publication Ltd, Bharati Cement Corp Pvt Ltd, and India Cements had laundered the proceeds of crime in the form of investments.