The Enforcement Directorate (ED) has attached assets worth more than Rs 800 crore in connection with a money laundering investigation involving former Andhra Pradesh chief minister YS Jagan Mohan Reddy and Dalmia Cements (Bharat) Limited (DCBL). The probe agency has attached YS Jagan Mohan Reddy's shares worth Rs 27.5 crore and property and land worth Rs 793.3 crore of Dalmia Cements.
This action has been taken in a money laundering case related to quid pro quo investments. This case is related to an FIR registered by the CBI in 2011, in which DCBL had invested in Bharti Cement Corporation Private Limited.
According to ED, this investment was made in Reddy's companies in the form of a payment of Rs 95 crore, in exchange for which a mining lease of 407 hectares in Kadapa district was transferred to DCBL.
ED and CBI alleged that under an agreement between DCBL and Reddy, shares of Raghuram Cements Limited were sold to the French company PARFICIM for Rs 135 crore.
Out of which Rs 55 crore was given to Reddy in cash through hawala. The CBI had filed a chargesheet against Reddy and other accused under sections of the Prevention of Corruption Act and the IPC on April 8, 2013. The ED says that there was a plan to send Rs 139 crore to Reddy's companies through hawala channels. Out of which, payment of Rs 55 crore had already been made.
Dalmia Cements informed SEBI that they received the attachment order on April 15, 2025.