There was a charge sheet filed in the year 2011, in the name of illegal investments worth 45 Crores in Jagathi group of companies of Jagan from the Penna Cements, Pioneer Hotels. It was alleged that this investment were made upon the benefit received by Former CM of AP Late YS Rajasekhar Reddy in their businesses of Penna and Pioneer.
Now, Enforcement Directorate (ED) has received a quick jolt from the Appellate Tribunal for Prevention of Money Laundering Act (PMLA).
Tribunal said all the transactions and investments are genuine ED shouldn’t make a judgment based on the allegations made in the CBI charge sheet and FIR, without verifying the facts, which was unproved in the tribunal.
ED accused the Penna Cements as it came forward to invest the Jagathi group of companies to gain the land and other benefits and after eight years of long case chase, the verdict has come in Penna favor. This not only huge relief to Penna chief Prathap Reddy but also YS Jagan Mohan Reddy.
On the state development front, YS Jagan Mohan Reddy has been taking extreme steps for the people benefit and following all his oaths which he has made during the time of election campaign.