863 Cr Assets of Jagan to be attached!

A Special ED court had ordered the attachment of assets worth 863 Crore of YS Jagan Mohan Reddy and his associates in the Vadarevu and Nizampatnam Industrial Corridor (VANPIC) project. Several undue benefits were given to the companies floated by Nimmagada Prasad by the then YS Raja Sekhar Reddy led Congress government in a quid pro quo deal of 854 Crores to Jagan and his companies.

The ED finalized that Nimmagadda has got Rs. 1426.17 crore undue benefits from the YSR government. This is one of the biggest attachments done by the ED in the history of India in a money laundering case. The assets will now be seized. The magnitude of the scam is so big that the 863.50 crores of Jagan’s properties attached by ED is almost equal to the agriculture loan waiver of entire Kerala state during UPA-1.

YS Jagan Mohan Reddy spent 16 months in Jail after being arrested in the disproportionate assets case. He was released out of jail on bail just couple of months before the general elections. There were allegations that he entered in to a political nexus with then Congress government to come out of the jail.