YS Jagan’s Lotus Pond House in trouble

9 February 2017

YSR Congress Party chief, YS Jagan Mohan Reddy properties especially his companies, his Lotus Pond House in Banjara Hills will be taken over by government soon. The Enforcement Directorate (ED) has issued a public notice under Prevention of Money Laundering Act (PMLA) taking possession of YS Jagan’s properties in connection with quid pro quo investments case. ED has alleged that companies owned by YS Jagan Mohan Reddy has received benefits in the form of investments for the favours done by late Chief Minister, YS Rajasekhar Reddy. It is being said that 10 days time has given as per the procedure for possession. 
However, YS Jagan’s auditor, V Vijay Sai Reddy has said that High court has already issued a stay in regards to the fixed deposits possession. He said that they will approach the court regarding the notice on the immovable properties too. Vijay Sai Reddy mentioned that as per rules enough time should be given to take the possession of the immovable properties. 

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