In a major breakthrough in the case of YSR Congress Party president Y.S. Jagan Mohan Reddy’s illegal assets, the Enforcement Directorate (ED) has made a huge stride by freezing assets valued at ₹793 crore of Dalmia Cements. The action was moved under the Prevention of Money Laundering Act (PMLA) on account of serious financial irregularities and suspected diversion of funds.
With the order of attachment in effect, Dalmia Cements cannot conduct any operation involving the attached properties without the advance sanction of the ED. The company has to keep meticulous records of all transactions, a step that sources claim is a big blow to the accused parties in the case.
The roots of the controversy go back to the time when the then Chief Minister Y.S. Rajasekhara Reddy was in power. In those times, Dalmia Cements received major clearances and made large investments, buying limestone mining leases on 417 hectares of land in Kadapa district—a region rich in natural resources.
The ED investigation charges that these approvals were given in return for investments in Jagan Mohan Reddy-controlled companies. One of the major transactions under the lens is the alleged ₹95 crore investment by Dalmia Cements in Raghuram Cements, a company linked to Jagan. This strange investment — one cement firm supporting another — has raised suspicions and raised serious questions about the motive behind the deal.
Investigations also claim that another ₹55 crore was channeled through suspicious means, taking the total amount of money involved in Jagan’s companies to ₹150 crore. The ED suspects that these transactions were not genuine business deals but a definite case of quid pro quo — using political power for personal monetary benefits.
With the recent addition of ₹793 crore value of Dalmia Cements’ assets, the case has taken a dramatic turn. It highlights the ED’s increased efforts to crack down on economic offences against high-profile political personalities.
