Enforcement Directorate attaches Ramky group properties
Action follows probe of 'undue benefit' to the firm of 914 acres by reducing green belt area in Jawaharlal Nehru Pharma City
Mar 28, 2015
Source : Business Standard


HYderabad: The (ED)  has provisionally attached 7 properties, valued over Rs 261 crore, of Ramky  Pharma City India Ltd (RPCIL) under the Prevention of Act (PMLA), 2002.

The ED initiated an investigation under PMLA  based on a chargesheet filed by the Central Bureau of Investigation that RPCIL had got “undue benefit” of 914 acres of land by reducing the green belt area from 250 metres to 50 metres in (JNPC)  near Visakhapatnam.

The ED stated that its investigations revealed that in lieu of  the undue gain, Ramky group had invested Rs 10 crore in the share capital of Private Limited, the publisher of daily.  YS Bharati Reddy, wife of  president YS Jagan Mohan Reddy, is the chairperson of Jagati Publications.

Out of 914 acres, RPCIL had converted 627 acres into industrial plots and sold/leased out plots in 468 plots to different pharma companies. About Rs 101 crore worth of properties have been already sold. Besides, Rs 115 crore worth of 16 plots in 159 acres , which were being sold , were also been identified as proceeds of crime, ED joint director, KSVV Prasad, stated in press release on Friday.

The properties attached include 16 plots in JNPC valued at Rs 115 crore, two more plots at the same place worth Rs 22.78 crore, 33.43 acres of non-SEZ area  and lands in Thanam, Lemarthi, Thadi and E Bonangi villages.

Earlier, ED had attached properties worth Rs 134 crore of RPCIL and Rs  10 crore of Jagati Publications.

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