Money laundering case: ED summons India's richest MP Jagan

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YS Jagan Mohan Reddy
Hyderabad, Nov 9: Enforcement Directorate (ED) issued summon to India's richest MP, YS Jagan Mohan Reddy over money laundering case and forex exchange in Andhra Pradesh.

Earlier Central Bureau of Investigation (CBI) had also summoned the Kadapa MP over illegal mining cases. Former Karnataka minister, Gali Janardhan Reddy was arrested over the same illegal mining case and Jagan was grilled by the CBI over his business connection with Reddys.

A CBI team earlier had arrived at Jagan's Lotus pond residence near Banjara Hills in Hyderabad to evaluate his residence that has been in the news for its grandeur and sheer opulence.

The CBI was believed to be specifically looking into the money spent on building his bungalow and the many benami firms of his. It was alleged that he amassed huge amounts of wealth during his father's tenure as CM. He also benefitted immensely, with many people investing heavily in his business ventures during the YSR Reddy government.

With officials refusing to disclose any facts, sources have been quoted as saying that an estimated Rs 85 crore was spent on building the towering bungalow on 5,807 square yards of land with a built-up area of 88,000 square feet. The cost also included the land value and the posh interiors.

Here it can be recalled that Janardhana Reddy along with his brother-in-law, Srinivas Reddy was arrested over their alleged roles in illegal mining in Bellary in Karnataka and in Andhra Pradesh.

Following a raid by the investigative agency, Janardana's assets seized by the CBI is worth Rs 294 crore. The assets included 50 kg of gold with 50 gold bangles, 15 diamond necklaces, gold plates and spoons, several diamond-studded gold necklaces, hundreds of gold and platinum chains, silver and gold puja articles and gold bracelets.

OneIndia News

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