Jagan denies link as case gets 100-cr Luxembourg twist
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Investigators say they have evidence that a sum of Rs 100 crore allegedly belonging to Kadapa MP Y S Jagan Mohan Reddy moved through a bank in Luxembourg. Sources said the Financial Intelligence Unit (FIU-India) passed on this information to the CBI and Enforcement Directorate after obtaining it from counterparts in Luxembourg. Sources said a part or all of the sum appears to have been moved from the bank.
The CBI is probing the illegal assets case; the ED has filed a money-laundering case against Jagan Mohan. FIU-India is the national agency under the finance ministry responsible for processing information on suspect financial transactions. India and Luxembourg are members of the Egmont Group of Financial Intelligence Units and information was provided on a request from FIU-India.
On August 30, ED registered an Enforcement Case Information Report (ECIR) against Reddy under the Prevention of Money Laundering Act (PMLA). The ECIR named several of his associates, and officials of real estate company Emaar-MGF.
Jagan Mohan denied any Luxembourg link. Replying to questions sent to his personal assistant M N Ahmed, Jagan Mohan said: "I am unnecessarily being implicated in everything. It is a witchhunt. Some sections and certain people are out to malign me. I completely deny it."
The CBI has filed two separate FIRs against Jagan Mohan and Emaar-MGF Properties charging them with criminal conspiracy, cheating and breach of trust.