This is why Janardhan Reddy will be returned his Rs 884 crore property

The HC set aside orders of the Enforcement Directorate (ED) to attach Janardhan Reddy’s property The High Court has asked the ED to release Rs 884 crore to Reddy Here is the reason why HC took this decision

The Enforcement Directorate had seized the bungalow, helicopter and property worth Rs 884 crore belonging to Janardhan Reddy in 2011, charging him of illegal mining.

The ED stated that it had sufficient proof regarding their claim. In fact, Janardhan Reddy was arrested in 2011.

With High Court’s orders, the ED will have to release Rs 884 crore worth property that belongs to Janardhan Reddy, his wife Aruna and two mining companies namely, Obalapuram Mining Company Limited and Brahmani Industries Limited, which was seized by the ED. The ED will also have to return the Helicopter which they seized from Reddy.

Charges on Reddy were dropped as these offences were committed in 2007. However, these acts were included in the Prevention of Money Laundering Act of 2002 and came into effect from June 1, 2009. Thus as Reddy’s offences were committed in 2007, this legal point does not apply to Janardan Reddy, said the HC.

Janardhan Reddy, his associate and friend Sriramulu were booked under Mines and Minerals (Development and Regulation) Act, Forest (Conservation ) Act, IPC and Prevention of Corruption Act.