Major setback for Jagan, Dalmia Cements; ED attaches assets worth around Rs 800 crore

AMARAVATI: In a major development, the Enforcement Directorate provisionally attached assets worth around Rs 800 crore in the money laundering probe against former Andhra Pradesh Chief Minister YS Jagan Mohan Reddy and Dalmia Cements (Bharat) Limited (DCBL).

Jagan Mohan Reddy's shares worth Rs 27.5 crore were seized. The ED's Hyderabad unit had issued the seizure order on March 31. Reports say that DCBL received it on April 15.

The action is related to Reddy's business investments before he became the Chief Minister of Andhra Pradesh. The major action comes 14 years after the CBI registered a case in 2011. DCBL had invested Rs 95 crore in Jagan Mohan Reddy's Raghuram Cements Limited. In return, Dalmia Cements was allowed mining permission in 407 acres. The CBI registered an FIR in this regard in 2011.