The Enforcement Directorate (ED) office in Hyderabad has provisionally attached land and shares belonging to former Andhra Pradesh Chief Minister YS Jagan Mohan Reddy and Dalmia Cements in connection with a 14-year-old money laundering case involving alleged quid pro quo investments.

The attached shares, valued at Rs 27.5 crore, are from three companies – Carmel Asia Holdings Limited, Saraswati Power and Industries Limited, and Harsha Firm. Recently, YS Jagan Mohan Reddy had filed a case against his mother and sister over the transfer of shares in Saraswati Power and Industries Limited, resulting in a family dispute.

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The ED also attached land valued at Rs 377.2 crore, owned by Dalmia Cements (Bharat) Limited (DCBL), though DCBL claimed that the land was actually worth Rs 793.3 crore.

According to investigations by the CBI and ED, DCBL had invested ₹95 crore in Raghuram Cements Limited, a company associated with Jagan Mohan Reddy. It was alleged that Reddy had helped DCBL secure a limestone mining lease of 417 hectares in Kadapa district during the tenure of his father, YS Rajasekhar Reddy, as Chief Minister of Andhra Pradesh.

The chargesheet, filed in 2013, named both Jagan Mohan Reddy and DCBL. A mining lease from Easwar Cements was allegedly transferred to DCBL. Furthermore, Jagan Reddy, his former associate and ex-YSRCP MP Vijaya Sai Reddy, and DCBL’s Puneet Dalmia had entered into an agreement to sell their shares in Raghuram Cements Limited to a French company, Parficim, for Rs 135 crore. Out of this, Rs 55 crore was allegedly paid to Jagan Reddy by DCBL through hawala channels. However, the transfer of the remaining amount did not materialize as the CBI had initiated its investigation by then.

The ED has filed a total of nine complaints based on 11 CBI cases. However, there has been little progress in these cases over the past decade, particularly during Jagan Reddy’s tenure as Chief Minister of the residual state of Andhra Pradesh.