Jagan’s firm hit by auditing scam
YSR Congress Party president YS Jaganmohan Reddy is facing fresh trouble.
Hyderabad: YSR Congress Party president YS Jaganmohan Reddy is facing fresh trouble.
According to reports, leading auditing firm Deloitte Touche Tohmatsu India Private Limited has told the Central Bureau of Investigation (CBI) that it had cooked the accounts of Jagan’s media house, Jagathi Publications.
The auditing firm admitted before the CBI earlier this week that it had fudged the firm’s books to help Jagan sell his company’s shares at a premium. Reports said a share with a face value of Rs 10 was sold at a huge premium of Rs 350.
According to Deloitte senior director PN Sudarshan, Jagathi Publications’ books were cooked up by Rs 1,000 crore - from Rs 2,500 crore to Rs 3,500 crore - for its five-year business plan period. This was done at the behest of the firm’s vice-chairman and Jagan`s personal auditor V Vijay Sai Reddy in April 2008.
Vijay Sai Reddy is also an accused in Jagan`s illegal assets case.