The Enforcement Directorate on Friday attached assets worth Rs 149 crore in connection with the money-laundering case against YSR Congress chief YS Jagan Mohan Reddy. The ED attached plots to the extent of 11,804.78 acres that were illegally allotted to the companies of industrialist Nimmagadda Prasad in Andhra Pradesh’s Prakasam and Guntur districts, The Times of India reported.
The agency said the transactions were carried out when Jagan’s father YSR Reddy was the chief minister of Andhra Pradesh. In return, Prasad is believed to have invested Rs 780 crore in companies owned by YSR’s son Jagan Mohan.
“This is a quid pro quo investment case where Shri Nimmagadda Prasad, various companies and individuals made huge investments in companies floated by Shri YS Jagan Mohan Reddy for the favours received from the erstwhile government of Andhra Pradesh by way of allotment of land for development of port and industrial corridor, exemption under Urban Land (Ceiling & Regulation) Act, etc,” the ED said in a statement.