Beleaguered YS Jagan Mohan Reddy is likely to pay hefty price for the alleged irregularities he has done while his father-late CM YSR was in chair. According to highly placed sources, Enforcement Directorate is going to attach more properties of Jagan Reddy and his associates very soon. Buzz is that these properties are going to be valued at “hundreds of crores”. Already in the first week of March 2014, ED has attached assets of Jagan & Co. worth Rs 863 Crore under the Prevention of Money Laundering Act (PMLA). ED attached these properties based on its investigation on the six CBI chargesheets.
According to latest reports, ED is now in the last leg of investigation on the seven other CBI chargesheets. Several “disproportionate assets” have reportedly been identified in the fresh investigation by ED. This is said to be the first big anti-Corruption initiative after Modi assumes PMO.
Jagan was arrested by CBI in May 2012 and continued in jail until September 2013. He was later released on bail. The CBI investigation showed that Jagan’s assets overnight grew from less than Rs 10 lakh to hundreds of crores when his late father Y S Rajasekhara Reddy was the CM of AP. Looks like, Jagan is going to face more trouble in days to come. Even if one goes by rule book, Jagan Reddy’s Lakhs of Crores wealth would be confiscated and this would be used as public exchequer.