Enforcement Directorate identifies ‘proceeds of crime’

Hyderabad: According to ED joint director K.S.V.V. Prasad, the Enforcement directorate had registered a case of money laundering against Y.S. Jagan Mohan Reddy, Shyam Prasad Reddy and others under Prevention of Money Laundering Act.

“Investigations under PMLA by ED revealed that Shyam Prasad Reddy has laundered the proceeds of crime through his group companies Indu Techzone Private Limited, Indu Projects and SPR Properties Private Limited in the form of investments and loan advances,” an ED official said.

The ED identified the ‘proceeds of crime’ in the form of three immovable properties of document value of above Rs 53 crore, which were attached. The CBI chargesheet alleges that Shyam Prasad paid bribes to Jagan Mohan Reddy in the guise of investments in his group companies through Mr Nimmagadda Prasad as quid pro quo.