CBI report on Jagan Reddy’s assets likely today

Last Updated: Tuesday, July 26, 2011 - 09:31

Zeenews Bureau

Hyderabad: The Central Bureau of Investigation (CBI), probing the alleged disproportionate assets of YSR Congress chief and Kadapa MP Y S Jaganmohan Reddy, is likely to submit its preliminary probe report to Andhra Pradesh High Court on Tuesday.

The court on July 12 directed the central agency to submit within two weeks a preliminary report into allegations that Jagan misused the office of his father, late Y S Rajasekhara Reddy, to get investments for his business empire from various beneficiary companies.

As part of the probe, the CBI on July 16 had issued notices to 20 investment companies and subsequently to four more companies which are believed to have invested in the entities owned by Jagan.

Responding to the notices, 23 companies (that have invested in Jagan`s firms) had expressed their views and submitted documents, apart from responding to questions pertaining to their financial details, sources said.

Among the representatives of the firms who appeared before CBI Joint Director (Hyderabad Zone) V V
Lakshmi Narayana, included senior officials of Jagati Publications, owned by Jagan himself.

Dealing with three writ petitions, including a letter-cum-petition filed by Congress MLA and state Textiles Minister P Shankar Rao and separate petitions filed by Telugu Desam Party leaders, a division bench comprising Chief Justice Nissar Ahmed Kakru and Justice Vilas Afzulpurkar, had directed the CBI to submit a preliminary report on whether or not any case was made out.

The complaints allege that Jagan acquired assets worth hundreds of crores of rupees from various companies and individuals as a quid-pro-quo for the land allotted and licences granted to them at cheaper prices for various activities when his father Y S Rajasekhara Reddy was chief minister between 2004 and 2009.

They had further alleged many companies received undue benefit through questionable methods from the state government.

First Published: Tuesday, July 26, 2011 - 09:31

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