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Investment done by India Cements into Jagan's companies was bribe: ED tells Court


Hyderabad, Feb 21: The Enforcement Directorate on Thursday filed a counter affidavit in the Telangana High Court seeking dismissal of the petition filed by N Srinivasan of India Cements company who sought to quash the ED cases against him in the quid-pro-quo case involving Andhra Pradesh Chief Minister YS Jaganmohan Reddy.

According to the counter-affidavit, the ED opposed the move and said that India Cements invested Rs 140 crore group of companies owned by Jagan, in violation of the norms.

N Srinivasan

Opposing quash pleas filed by India Cements and its MD Srinivasan, the ED stated that the petitioner tried to project that he does not know anything regarding business association and crucial financial decisions of the company and gave evasive replies in the quid-pro-quo case.

The investments in 2007-2008 were made in Bharati Cements, Jagathi Publications and Carmel Asia Holdings, the Enforcement Directorate said.

ED records Srinivasan's statement in case against Lalit ModiED records Srinivasan's statement in case against Lalit Modi

India Cements got several undue benefits from the then state government headed by late YS Rajasekhara Reddy. Being company's vice-chairman and managing director, he is responsible for criminal and fraudulent acts of his companies and as such he is guilty of offence of money laundering, it added.

A case was registered against Srinivasan under sections of the Prevention of Money Laundering Act (PMLA)-2002. The burden of proof lies on the accused since the PMLA is a special statute. Interfering with the case at this juncture either by quashing the case or staying further trial proceedings would be premature and unjust, they stated.

Srinivasan had to prove that he had not committed the crime of money laundering and that can be done only by examination of the evidences presented by the ED, the affidavit said.

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