ED seizes Rs. 863 crore from Jagan

March 06, 2014 09:53
ED seizes Rs. 863 crore from Jagan

Enforcement Directorate on Wednesday has seized assets and properties worth Rs 863 crore of YSR Congress chief Jaganmohan Reddy and his associates in the Vanpic case. ED has issued separate notices to Jagan and Nimmagada Prasad whose companies were favoured by the then AP government (when Jagan's father YS Rajasekhara Reddy was chief minister) in the Vadarevu and Nizampatnam Industrial Corridor (VANPIC) project.

ED also seized 855 acres of the VANPIC project. The aim in this deal was to develop sea ports and a green field airport in coastal areas of the southern state and industrial corridors in Prakasam and Guntur districts.

Under the Prevention of Money Laundering Act (PMLA), ED said there was 'quid pro quo' in this deal and hence illegal money exchanged hands. This is one of the biggest attachments done by the ED in a money laundering case.

(AW: Vamshi)

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