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CBI submits report on Jagan assets in AP HC

CBI, which carried out preliminary investigations into alleged disproportionate assets of YSR Congress chief Y S Jagan Mohan Reddy, on Tuesday submitted two separate probe reports in the Andhra Pradesh High Court.



Hyderabad: CBI, which carried out
preliminary investigations into alleged disproportionate
assets of YSR Congress chief Y S Jagan Mohan Reddy besides
alleged corruption in Emaar-APIIC land deal, on Tuesday submitted
two separate probe reports in the Andhra Pradesh High Court.

"We have submitted the preliminary probe reports (of
both the cases) to the AP High Court Registrar General in
sealed covers within the deadline of two weeks set by the
court," a senior CBI officer told PTI tonight.
CBI Joint Director (Hyderabad Zone) V V Lakshmi
Narayana submitted the reports and the matter is likely to
come up for hearing tomorrow, High Court sources said.

The HC had 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 into his business empire
from various beneficiary companies.

As part of the investigation, CBI served notices on 24
investment companies which invested in the Kadapa MP`s
businesses. Of these, 23 submitted documents giving
explanations on their investments, CBI sources said.

The CBI official, however, declined to comment when
asked about media reports that the agency tracked investments
(made by various companies in Jagan`s firms) to the tune of
Rs 1,800 crore in Jagati Publications and Rs 1,200 crore in
Bharati Cement, both owned by the Kadapa MP.
Dealing with three writ petitions, including a letter
sent by Congress MLA and AP Textiles Minister P Shankar Rao, a
Division Bench of Chief Justice Nissar Ahmed Kakru and Justice
Vilas Afzulpurkar had asked CBI to submit a preliminary report
on whether any case had been made out on the complaints.

The complainants alleged Jagan acquired assets worth
hundreds of crores from various companies and individuals in
lieu of the lands allotted and licences granted to them at
cheap prices for various activities when his father Y S R
Reddy was the Chief Minister between 2004 and 2009.

CBI had also carried out a simultaneous probe into the
allegations of corruption in the land deal concluded between
Dubai-based Emaar Group and Andhra Pradesh Industrial
Infrastructure Corporation (APIIC) for a realty project.

Rao had alleged irregularities in the APIIC-Emaar deal,
signed when YSR was Chief Minister, and moved the court for a
CBI probe. The deal related to allotment of 200-odd acres of
land to Emaar Properties to develop a golf course, residential
apartments and villas in Hyderabad.

Rao had alleged manipulation (in land allotment) by
officers of APIIC in favour of Emaar which resulted in loss of
crores of rupees to the state exchequer.

During its preliminary probe, CBI questioned
representatives of Emaar Properties and its associate outfits
on how "APIIC`s stake in the deal was brought down from 26 per
cent to less than one per cent".

CBI sleuths on July 16 had conducted searches at APIIC
office and seized some documents. The agency also recorded
statements of then APIIC Managing Director B P Acharya and its
former advisor Parthasarathi Rao.

The probe agency is likely to seek permission for
full-fledged investigations into both cases once they come
before the High Court, officials said.

PTI

From Zee News

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