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Illegal assets case: Jagan Reddy's judicial custody ends today

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Jun 17, 2013 at 07:38am IST

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Hyderabad: YSR Congress chief Jagan Mohan Reddy's judicial custody ends on Monday and he will be produced before a Hyderabad court via video conferencing. Jagan has been lodged in Chanchalguda prison since his arrest by Central Bureau of Investigation (CBI) on corruption charges.

The ED had on May 31 frozen fixed deposits worth more than Rs 34 crore of a media firm owned by Reddy in connection with the money laundering probe against him and others. With this fourth attachment order, the agency has attached more than Rs 300 crore worth of assets and properties belonging to Jagan and others in the disproportionate assets case being probed jointly by the ED and CBI.

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The fixed deposits with a total value of Rs 34.66 crore, which have been termed in the order as "proceeds of crime", are in the Jubilee Hill branch of Oriental Bank of Commerce in Hyderabad in the name of Jagati Publications Limited, a firm owned by the Member of Parliament (MP) from Kadapa in Andhra Pradesh.

Illegal assets case: Jagan Reddy's judicial custody ends today

Jagan will be produced before a Hyderabad court via video conferencing.

An ED attachment, under the criminal provisions of the Prevention of Money Laundering Act (PMLA), is an action meant to deprive the accused of properties sourced out of illegal means or through proceeds of crime.

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The order, slapped by the investigating officer of the case, can be challenged at the Appellate authority of PMLA within 180 days of issuance.

As per the May 31 order, the ED had identified the attached FDs as "proceeds of crime".

A few other similar attachment orders, under money laundering laws and based on the CBI FIR registered in this case, will also be issued soon, sources had said.

The agency had earlier issued three separate attachment orders of Rs 51 crore, Rs 71 crore and Rs 143.74 crore in this case.

Jagan had been in jail for a year now and the Supreme Court recently rejected his bail plea in the disproportionate assets case being probed by the two agencies.

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