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Jagan assets worth Rs 863 crore seized by ED

By:  Tupaki Desk   |   5 March 2014 2:58 PM GMT
Jagan assets worth Rs 863 crore seized by ED
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The Enforcement Directorate (ED) on Wednesday attached assets worth Rs 863 crore belonging to YSR Congress chief YS Jaganmohan Reddy and his associates in connection with the Vadarevu and Nizampatnam Industrial Corridor (VANPIC) project. This is one of the biggest attachments done by the ED in a money laundering case.

VANPIC project is intended to develop sea ports and a green field airport in Coastal Areas of the Southern State and Industrial Corridors in both Prakasam & Guntur districts. YSR Government favoured the companies owned by YS Jagan and Nimmagadda Prasad as part of the quid-pro-quo deal.

Thousands of acres of Government land has been allotted Nimmagadda Prasad's firm and other undue benefits were extended. In return, Nimmagadda invested over Rs 800 crore in Jagan companies.

According to ED, Prasad received illegal gains to the tune of Rs 1426 crore and he invested Rs 854.54 crore in Jagan companies.