Assets of Hyderabad Businessman seized

Enforcement Directorate, india’s AML enforcing agency attached Rs 148 crore worth of assets in money laundering ofense in cases related to YSR Congress supremo Jagan Mohan Reddy.

Whose Assets were Attached?

Agency attached land worth Rs 148.89 crore in Andhra Pradesh under PMLA of companies of Nimmagadda Prasad.In 2006, Prasad sold off his majority shares in Matrix Pharmaceutical to Mylan Laboratories, USA, a large generic Pharmaceutical Company.
Agency began its investigation against the politician and his associates on the basis of a CBI FIR that stated that since 2004, Jagan floated number of companies wherein quid pro quo investments have been made. Quid Pro Quo payments are made against certain benefits by the beneficiaries from decisions of the state government in various forms like SEZs (special economic zones), irrigation contracts, relaxation/permissions etc. Prasad was one such beneficiary who is reciepient of more than 22000 acre land.

Nimmagadda Prasad made investments to the tune of Rs 8.54 billion into the companies of Jagan.