Jagan disproportionate assets case: ED attaches Rs 216 crores assets of Ramky Pharma City Ltd

Visakhapatnam: The Enforcement Directorate on Friday attached assets worth Rs 216 crore belonging to Ramky Pharma City Ltd in Vizag district in connection with the money laundering probe in the alleged disproportionate assets case against YSRC chief Y.S. Jagan Mohan Reddy.

The ED’s Hyderabad zonal officer initiated investigation under the Prevention of Money Laundering Act, 2002, against Ramky and others. This was done based on the chargesheet filed by the CBI alleging that Ramky Pharma City India Ltd had unduly gained 914 acres in the Jawaharlal Nehru Pharma City in Vizag by reducing the “green belt” from 250 metres to 50 metres.

The ED investigation revealed that due to the reduction of the green belt, RPCIL gained 914 acres and the Ramky Group had invested Rs 10 crore in the share capital of Jagati Publications.

Out of the 914 acres, RPCIL converted 627 acres into industrial plots and sold or leased out 468 acres to other pharma companies.

Accordingly, earlier, the ED had attached properties worth '134 crore of RPCIL and Rs 10 crore of JPPL. Further investigation has identified properties worth about '101 crore equivalent to that of the unduly gained properties already sold.

In addition, 16 plots in 159 acres worth Rs 115 crore which were sold have also been identified as proceeds of crime. Immovable properties worth over Rs 216 crore were attached on Friday.