Properties of Ramky Pharma attached

The Enforcement Directorate (ED) has initiated a probe under the Prevention of Money Laundering Act, 2002, against Ramky Pharma City India Ltd (RPCIL) and others and ordered provisional attachment of properties to the tune of Rs 216.18 crore.

The ED move is based on a charge sheet filed by the CBI that RPCIL got undue benefit through allotment of 914 acres at the Jawaharlal Nehru Pharma city in Visakhapatnam by reducing Green Belt Area from 250 metres to 50 metres.

According to a ED statement here on Friday, the probe revealed that due to reduction of green belt, RPCIL unduly gained 914 acres for which the Ramky group invested Rs 10 crore in share capital of Jagati publications Pvt Ltd (JPPL) owned by Y S Jagan Mohan Reddy.
Of the 914 acres, RPCIL converted 627 acres into industrial plots and sold or leased out plots in the remaining acres to different pharma companies.

Accordingly, the ED earlier has attached properties worth Rs 134 crore of RPCIL and Rs 10 crore of JPPL.

Further probe revealed about Rs 101 crore worth property equivalent to that of unduly gained property were already sold. In addition, 16 plots of 159 acres worth Rs 115 crore, being sold, are also being identified as proceeds of crime.

The ED on Thursday also attached properties worth Rs 130 crore in connection with the money laundering probe against Jagan and businessman Syam Prasad Reddy.

The ED issued orders attaching the properties of five group companies owned by Syam Prasad, managing director of Indu Projects.

Others include land owned by Asara Realty Ventures in Maharashtra and land owned by Cyberabad Hitech Integrated Township Development Corp in Telangana.