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Penna Cements row: Huge relief for YS Jagan

Posted : July 15, 2019 at 5:45 pm IST by ManaTeluguMovies

The Appellate Tribunal for Prevention of Money Laundering Act (PMLA) has found fault in Enforcement Directorate (ED) in the quid pro quo investment case between AP CM YS Jagan and Penna Cements. ED has alleged that for 45 crore of investment in Jagathi Group at a benefit of Rs 1.1 crore is beyond imagination.

The tribunal said the investments are genuine and ED cannot take the allegations made in CBI chargesheet and FIR into consideration without verifying the facts as they are not proved in the court or tribunal. There are very little allegations of PMLA investigation and ED can’t take over the 231 acres of Penna cements in Anantapur.

ED has accused that Penna company made investments in Jagathi to get the land and other benefits. This was challenged by Penna cements and eventually, the verdict came in their favour. This is a huge relief for Jagan.

In the 2011, ED had booked both Jagan and Penna Cements in the quid-pro-quo investment row and after eight long years, the step was laid forward.


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