Particle.news
Download on the App Store
3 ARTICLES
·
last wk.

ED Attaches ₹404.7 Crore in Assets from Jagan Reddy and Dalmia Cements in Long-Running Corruption Probe

The Enforcement Directorate's action targets alleged illicit proceeds tied to a 2011 case involving quid pro quo investments for mining leases in Andhra Pradesh.

Image
Photo: IANS
Image

Overview

  • The ED provisionally attached ₹27.5 crore in shares linked to YS Jagan Mohan Reddy and ₹377.2 crore in land owned by Dalmia Cements (DCBL).
  • The case stems from a 2011 CBI investigation alleging that DCBL invested ₹95 crore in Raghuram Cements, linked to Jagan, to secure a mining lease in Kadapa.
  • Investigators claim Jagan received ₹55 crore in cash via hawala channels after shares in Raghuram Cements were sold to a French company for ₹135 crore.
  • DCBL disputes the valuation of the attached land, asserting its current worth is ₹793.3 crore, and plans to legally challenge the ED's order.
  • The attachment order, issued on March 31 and received by DCBL on April 15, marks a significant step in the 14-year-old bribery and money laundering case.