Reportedly in major relief to YSRCP President and Andhra Pradesh Chief Minister Y S jagan Mohan Reddy, the appellate tribunal for the Prevention of Money Laundering Act directed the Enforcement Directorate (ED) to release assets worth Rs 746 crore belonging to jagan and his wife Bharathi, which had been attached as part of an investigation.
Recently jagan faces a slew of cases against him which are being investigated by the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED). Furthermore according to report, in its order, the tribunal observed that the attachment of property was done in a hurry and also questioned the ED's move to attach the bonafide business transactions of jagan, against which he had paid capital gain tax and the tribunal also stated that the ED had undervalued immovable assets in a bid to attach more properties.
Moreover the cases that jagan is being investigated for, relates to alleged investments made by private firms and individual investors in the YSRCP chief's companies in return for favors they received when his father YS Rajasekhar Reddy was Chief Minister between 2004 and 2009. Previously investigation officials had said that jagan laundered the proceeds of his alleged crime through his group of companies which included Sandur Power, Classic Realty, Silicon Builders, Saraswati Power and Industries and 10 other firms in the form of investments, purchase of movable and immovable properties and third party payments.
