ED Court summons to Jagan, Acharya in Indu Tech Zone chargesheet

HYDERABAD: A designated special court dealing with cases filed by Enforcement Directorate (ED) at Hyderabad issued summons to YSR Congress Party president Y S Jaganmohan Reddy, his auditor Vijay Sai Reddy, Indu Syam Prasad Reddy, businessman Nimmagadda Prasad, former minister Sabita Indra Reddy, Telangana home secretary B P Acharya and nine others in the InduTech Zone chargesheet.

It directed all the accused to be present in the court on March 16.

The crux of the CBI case filed in

Indu Tech Zone

, which is now the basis for ED case, was that Indu Syam Prasad Reddy got a favour from the then AP chief minister YS Rajasekhara Reddy government in the form of 250 acres of prime land in Mamidipalli area of Ranga Reddy district for developing a technology zone.

Syam Prasad Reddy who possesses no such expertise, simply mortgaged this land and raised huge loans and did not develop any tech zone there. A portion of this money was laundered into businessman Nimmagadda Prasad's companies and also certain firms belonging to Jagan. Syam Prasad Reddy, in lieu of the undue benefits he got, invested 70 crore in Jagan's firms.

The ED is now urging the court to punish all the accused under sections 3 and 4 of the Prevention of

Money Laundering

Act (PMLA). Some of the companies that took part in the dubious transfer of money, which the ED tracked, are Waldon Properties, Karissa SA

Investments

, SPR properties of Syam Prasad Reddy and co, Veen Promoters, G2 Corporate services and Beta Avenues of Nimmagadda Prasad, Carmel Asia Holdings belonging to Jagan.

All three companies too were made as accused in ED chargeshheet filed before the Special ED Court. ED's public prosecutor K Manmadha Rao who filed the chargesheet said their effort would mainly revolve around the journey of the scam money. ED calls it proceeds of crime.

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