ED provisionally attaches Rs 96 crore assets of TRS MP promoted Madhucon Group

The Enforcement Directorate on Saturday said it has provisionally attached 105 immovable properties and other assets worth Rs 96.21 crore belonging to Madhucon Group of companies and its directors and promoters in a money laundering case, a press release from the agency said.

The ED's announcement came at time when Nama Nageshwara Rao, TRS Lok Sabha floor leader and promoter of Madhucon Group, was present at the meeting in support of opposition parties' common candidate for presidential polls Yashwant Sinha.

Nageshwara Rao was present along with Chief Minister K Chandrashekar Rao at the Begumpet Airport where Sinha landed on Saturday afternoon to receive him and also was sitting on the dais along with the CM and the presidential candidate.

In the release, the ED said the attachment is related to a case of alleged bank fraud against Madhucon Group's company Ranchi Expressway Ltd, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

The ED said it identified landed assets worth Rs 88.85 crore in Hyderabad, West Bengal and in Vishakhapatnam, Prakasham, Krishna districts of Andhra Pradesh and movable assets of 7.36 crore including shareholding of the promoters in Madhucon Projects Ltd, totalling to Rs 96.21 crore and has issued the provisional attachment order on July 1 to preserve the proceeds of crime.