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Bharti Cements case: Bharti Cements suffered a setback in the Supreme Court. The Supreme Court overturned the High Court verdict on Bharti Cements Fd. Earlier, the Telangana High Court had given its verdict in the Jagan embezzlement case. The High Court ordered the release of Rs.150 crore belonging to Bharti Cements. The Enforcement Directorate challenged the High Court verdict in the Supreme Court. A bench headed by Justice Abhay Okha agreed with the arguments of the ED. The High Court has ruled that FDs should be released after taking bank guarantees. The High Court and the Supreme Court have suggested to the High Court to reconsider the previous judgment.
The lawyer of Bharti Cements stated that the FDs were confiscated after taking bank guarantees. Bharti Cements lawyer Mukul Rohati said that the ED has confiscated. Bharti Cements filed another petition to release any interest earned on FDs. The Supreme Court also dismissed the additional petition of Bharti Cements. The bench of Justice Abhay Okha declared that the hearing on the petitions was over. The Supreme Court has revealed that if there are any objections by the bench which questioned how the interest will be received on the confiscated items, it should be decided in the High Court. The Supreme Court has suggested to the High Court to reconsider the previous verdict. ED has attached assets of Bharti Cements in Jagan’s embezzlement case. The ED Adjudicating Authority Court and the High Court have ruled against the attachment of Bharti Cements assets. ED challenged the High Court verdict in the Supreme Court.
ED has also registered charges against Bharti Cements for quid pro quo in Jagan’s embezzlement cases. ED has included the name of Jagan’s wife Bharti in the charge sheet related to Jagan’s property cases. She has been included as A5 in the charge sheet filed in Hyderabad CBI special court regarding Bharti Cements. The chargesheet has been filed under various sections of the Prevention of Money Laundering Act. Jagan, Vijayasai Reddy, Bharti Cements Corporation, J. Jaganmohan Reddy, Silicon Builder, Sandur Power Limited Classic Reality, Saraswati Power and Industries Limited along with her name have already been included in this case. The ED said that in the Raghuram Cements deal, money was transacted in the name of YS Bharti. Among Raghuram (Bharti) Cements, Sandur Power, Caramel Asia Limited and other companies have been accused of diverting funds through hawala. The ED sought a special court to punish the accused under Section 3 of the PMLA Act.
Along with Bharti Cements, in Jagan’s embezzlement case, Rs. ED has attached properties worth 750 crores. The ED has attached assets worth about Rs.750 crore under the money laundering case after identifying many properties located in AP, Telangana and Karnataka. The value of these assets in the open market is over Rs 5 thousand crores. It is already known that ED has seized Jagan’s properties in four installments in the past. It has attached Rs.200 crores as the first tranche, Rs.43 crores in the second tranche, Rs.225 crores in the third tranche and Rs.750 crores in the fourth tranche.
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