`Jagan aide floated firms for ill-gotten money`

Vijay Sai Reddy was the kingpin behind the conspiracy in parking the ill-gotten money by floating fictitious firms.

Updated: Jan 03, 2012, 23:56 PM IST

Hyderabad: The CBI, probing corruption
allegations against Kadapa MP YS Jaganmohan Reddy, on Tuesday
alleged that his financial advisor V Vijay Sai Reddy was the
kingpin behind the conspiracy in parking the ill-gotten money
by floating fictitious firms.

CBI which arrested Vijay Sai last night, the second
accused in the alleged disproportionate assets of Jaganmohan
Reddy case, in its remand report claimed that vital
information pertaining to the case was within the exclusive
knowledge of Vijay Sai.

Seeking his 14-day police custody, the central agency
filed a petition stating that Vijay Sai, vice-chairman of
Jagati Publications Pvt Ltd (JPPL), facilitated the transfer
of bribe money through various companies of JPPL.

"He (Vijay Sai) is kingpin behind the entire conspiracy
in accommodating the ill-gotten money by floating fictitious
and non-existing firms. He is also aware of the names of
persons/individuals who were shown as Director of the non-
existing firms/ companies," the CBI alleged.

In its FIR against Jaganmohan and 73 others including
Vijay Sai, the CBI alleged that various investors who are
beneficiaries of public properties, licences among others
invested in the companies promoted by Jagan at very high
premiums as a quid-pro-quo to the favours doled out by former
Andhra Pradesh Chief Minister late YS Rajasekhar Reddy on his
son`s (Jagan`s) influence.

PTI