Rs 177 crore FDs of Bharathi Cements owned by YS Reddy attached
The attachment order had been passed by the ED under the Prevention of Money Laundering Act.
HYDERABAD: The Adjudicating Authority of the Enforcement Directorate, New Delhi, has passed an order confirming the attachment of fixed deposits of more than Rs 177 crore belonging to Bharathi Cements Ltd, owned by YSR Congrss president Y.S. Jagan Mohan Reddy.
The attachment order had been passed by the ED under the Prevention of Money Laundering Act.
The ED, which is investigating the alleged quid pro quo deals of Mr Jagan Reddy had earlier issued proceedings under the PMLA for attachment of the fixed deposits claiming that they are crime proceeds, sources in the ED said.
Bharathi Cements had filed an appeal before the Adjudicating Authority, which confirmed the attachment on September 23. This came to light when the company management on Saturday tried to move a house motion before the Hyderabad High Court, which declined it permission.