ED attaches Jagan Reddy’s shares worth Rs 27.5 crore, land in 14-year-old money laundering case
The shares in question, valued at Rs 27.5 crore, are from three companies: Carmel Asia Holdings Limited, Saraswati Power and Industries Private Limited, and Harsha Firm.

- Apr 18, 2025,
- Updated Apr 18, 2025 12:37 PM IST
The Enforcement Directorate (ED) in Hyderabad has provisionally attached shares and land valued belonging to former Andhra Pradesh Chief Minister YS Jagan Mohan Reddy in a money laundering case involving quid pro quo investments.
The shares in question, valued at Rs 27.5 crore, are from three companies: Carmel Asia Holdings Limited, Saraswati Power and Industries Private Limited, and Harsha Firm. Additionally, the ED seized land worth Rs 377.2 crore owned by Dalmia Cements (Bharat) Limited (DCBL) as part of the same case, although DCBL claims the property's value is Rs 793.3 crore.
This legal action comes 14 years after the initial case was booked. The ED’s provisional attachment order is linked to a case first registered by the Central Bureau of Investigation (CBI) in 2011, involving DCBL’s investment in Bharathi Cement Corporation Private Limited.
DCBL received the attachment order on April 15, which was issued on March 31. The land originally purchased by DCBL was valued at Rs 377 crore.
Investigations by the CBI and ED revealed that DCBL had invested Rs 95 crore in Raghuram Cements Limited, a company associated with Jagan Reddy. It is alleged that Jagan Reddy used his influence over his father, then Chief Minister YS Rajasekhara Reddy, to help DCBL secure a 407-hectare mining lease in Kadapa district, which is described as a quid pro quo arrangement. In 2013, the CBI filed a chargesheet naming Jagan Reddy, DCBL, and others under various sections of the Indian Penal Code and the Prevention of Corruption Act.
The case also involves the transfer of a mining lease from Eswar Cements to DCBL. Further allegations suggest that Jagan Reddy, along with auditor and former MP V Vijaya Sai Reddy and DCBL’s Puneet Dalmia, entered into an agreement to sell their shares in Raghuram Cements Limited to a French company, PARFICIM, for Rs 135 crore. Of this amount, Rs 55 crore was allegedly paid to Jagan Reddy in cash through hawala channels between May 16, 2010, and June 13, 2011. These cash transactions were traced from documents seized by the Income Tax Department in New Delhi.
The Enforcement Directorate (ED) in Hyderabad has provisionally attached shares and land valued belonging to former Andhra Pradesh Chief Minister YS Jagan Mohan Reddy in a money laundering case involving quid pro quo investments.
The shares in question, valued at Rs 27.5 crore, are from three companies: Carmel Asia Holdings Limited, Saraswati Power and Industries Private Limited, and Harsha Firm. Additionally, the ED seized land worth Rs 377.2 crore owned by Dalmia Cements (Bharat) Limited (DCBL) as part of the same case, although DCBL claims the property's value is Rs 793.3 crore.
This legal action comes 14 years after the initial case was booked. The ED’s provisional attachment order is linked to a case first registered by the Central Bureau of Investigation (CBI) in 2011, involving DCBL’s investment in Bharathi Cement Corporation Private Limited.
DCBL received the attachment order on April 15, which was issued on March 31. The land originally purchased by DCBL was valued at Rs 377 crore.
Investigations by the CBI and ED revealed that DCBL had invested Rs 95 crore in Raghuram Cements Limited, a company associated with Jagan Reddy. It is alleged that Jagan Reddy used his influence over his father, then Chief Minister YS Rajasekhara Reddy, to help DCBL secure a 407-hectare mining lease in Kadapa district, which is described as a quid pro quo arrangement. In 2013, the CBI filed a chargesheet naming Jagan Reddy, DCBL, and others under various sections of the Indian Penal Code and the Prevention of Corruption Act.
The case also involves the transfer of a mining lease from Eswar Cements to DCBL. Further allegations suggest that Jagan Reddy, along with auditor and former MP V Vijaya Sai Reddy and DCBL’s Puneet Dalmia, entered into an agreement to sell their shares in Raghuram Cements Limited to a French company, PARFICIM, for Rs 135 crore. Of this amount, Rs 55 crore was allegedly paid to Jagan Reddy in cash through hawala channels between May 16, 2010, and June 13, 2011. These cash transactions were traced from documents seized by the Income Tax Department in New Delhi.