The agency slapped separate notices against Jagan and Nimmagada Prasad whose companies were allegedly favoured by the then AP government (when Jagan's father YS Rajasekhara Reddy was Chief Minister) in the Vadarevu and Nizampatnam Industrial Corridor (VANPIC) project.
    
The ED had in 2012 registered a criminal probe under the Prevention of Money Laundering Act (PMLA) against the individuals and associated firms based on a CBI FIR in this case. The ED probe said there was 'quid pro quo' in this deal and hence illegal money exchanged hands.
    
"Various concessions were extended to the VANPIC project in the form of alienation of huge chunks of assigned government land to the companies floated by Nimmagadda Prasad, development of shipyard, green filed airport, exemptions from levy of stamp duty and registration charges, seigniorage (deed-signing) fee and other undue benefits were extended," the ED probe report said.
    
The CBI chargesheet, which the ED relied upon, said "illegal gains to the tune of Rs 1426.17 crore was made to Prasad in the acquisition of lands and Rs 854.54 crore was made to Jagan and his companies as quid pro quo by Prasad and his companies."
    
"This is one of the biggest attachments done by the ED in a money laundering case. The assets will now be seized," sources privy to the development said.

The properties which have been attached, the ED notice said, are in the name of "Jagan and his companies Ms Carmel Asia Holding Pvt Ltd and Jagathi Publications Ltd" along with Prasad and his firms "G2 corporate services Ltd, Alpha Villas Pvt Ltd, Alpha Avenues Pvt Ltd, Gilchrist Investment Pvt Ltd, Suguni Constructions Pvt Ltd and Beta Avenues Pvt Ltd."
    
Sources said the attached assets are broadly divided into various financial instruments. While Rs 365.45 crore of shares, plant and machinery of the project have been attached, fixed deposists of Rs 4.14 crore in the name of Jagathi Publications Public Ltd, Rs 10.44 crore shares of Indira Television Pvt Ltd and Jagan's various properties worth Rs 11 crore have been attached among others.
    
This the fourth PMLA attachment order issued by the ED in this case and the three earlier such orders had a value of approximately Rs 265 crore.
    
An attachment order under PMLA laws is an enforcement action to restrict the accused from taking benefit out of the properties or assets they have created through illegal means.

(Agencies)

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