ED attaches property worth Rs 750 crore of YS Jagan in a money laundering case

In a fresh development, the Enforcement Directorate has attached YS Jagan Mohan Reddy’s house in Lotus Pond and Jagan’s bungalow in Bangalore along with his several other key properties including Minister’s Commercial Building in Bangalore. All the properties of Bharati Cement were also attached by the ED. As per the charge-sheet filed in the misdeeds in Bharati Cement, ED has done a complete inquiry and confirmed that Jagan’s involvement in several wrong doings and booked Money Laundering case against him.

ED clearly stated that Rs 152 Crore worth limestone material was allotted to Bharati Cement during former CM YSR’s regime against the rules and norms. It further stated that these assets would belong to public.

The national law enforcement agency has also attached the shares of Jagan, Bharati in several companies. Jagan has around 2.58 Lakh shares in Silicon Builders on his name and 88,000 shares in a firm called Classic Reality. The shares are estimated to have value of Rs 1.5 Crore. Jagan’s shares in Sandur Power estimated at Rs 1.66 Crore were also attached by the ED. Jagan’s five plots in Hakeempet and 9680 Gajas residence plot in Rajendra Nagar were also among the attached properties in the long list of assets attached by the ED.

As per government valuation, the assets would be 749 Crore including immovable assets worth of Rs 404.72 Crore and movable assets worth of Rs 344.28 Crores. In the open market the valuation would be over Rs 5000 Crore.

However, this is not first-time, Jagan’s assets were attached by the ED. In the first move, it had attached 200 Crores worth assets of Jagan. In the second move, ED attached 43 Crores worth properties of Jagan. As part of its third move, ED attached 225 Crore worth properties. In the latest move, ED attached Rs 750 Crore assets as per government valuation.

ED earlier attached Jagati Media Publications (Sakshi) properties. But it allowed the firm to have its daily operations. As per the attachment, Jagan can’t sell the properties or its shares and status quo would be maintained. So far, ED has attached Jagan’s properties for four times including the latest attachment on Wednesday.

Though the latest attachment too is temporary, it’s considered as major embarrassment for the leader of Opposition of AP given that his bungalows too were attached by the ED. Looks like, more trouble is in store for Jagan Reddy.