Citizens' Issues
Public Interest Exclusive
Jagan Reddy under a tighter grip

CBI has asked banks to freeze accounts of Sakshi TV and the newspaper owned by the Kadapa MP while a special CBI court has summoned YS Jagan Mohan Reddy and 12 others including heads of three pharma companies to appear before it on 28th May

The Central Bureau of Investigation (CBI), probing the case of amassing allegedly disproportionate wealth, asked banks to freeze accounts of Jagati Publications, publisher of Sakshi Telugu newspaper, Indira Television which owns Sakshi TV and Janani Infrastructure, all related with YS Jagan Mohan Reddy. In its third charge sheet filed on Monday, the CBI has named Mr Reddy as prime accused.

Mr Reddy, son of Andhra Pradesh's chief minister (CM) late YS Rajasekhara Reddy (popularly known as YSR), is at loggerheads with the Congress, especially the high command, after his father's accidental death and has been demanding to be made CM, which he claims as his hereditary right. After failing to become CM, he floated his own party YSR Congress.

Separately, a special CBI court has asked the Member of Parliament (MP) from Kadapa and 12 others, including heads of three pharmaceutical companies to appear before it on 28th May in a disproportionate assets case. Managing directors Srinivasa Reddy (Hetero Drugs), Nityananda Reddy (Aurobindo Pharma), Sarat Chandra Reddy (Trident Life Sciences), senior IAS officer BP Acharya, AP Industrial Infrastructure Corporation's former officer Y Vijayalakshmi, former company secretary of Aurobindo Pharma Chandramouli are among those issued summons by the CBI court.

According to a PTI report, IAS officer Venkatarami Reddy, Ramky Group chairman Ayodhyarami Reddy, Jagati Publications (publisher of Sakshi Telugu daily) and Ramky Pharma India have been named as the other accused in the case. The CBI has said Ramky Pharma invested Rs10 crore in Jagati Publications as a quid pro quo for the benefits it secured from the then government headed by Jagan's father YS Rajasekhara Reddy.

Seeking to allay fears of the industry, Andhra Pradesh CM N Kiran Kumar Reddy said the ongoing CBI inquiries against some industrialists in the state should be seen as "temporary shortcoming". "The ongoing probes were a 'slight problem' to the industry, but these probes should be viewed as temporary. The government would shortly announce a new policy framework bringing uniformity in land allotment ensuring that there was no discretion in either price of extent of land given to the industry," the CM said. His remarks assumed significance in the backdrop of CBI inquiries into the investments made by some industries in the companies owned by YS Jagan Mohan Reddy.

The CBI has so far filed three charge sheets in the assets case of Jagan Mohan Reddy in which Jagati Publications represented by Mr Reddy is one of the accused. It is alleged that Jagati Publications got around Rs1,246 crore from companies which were benefited in various ways by the YSR government, said a newspaper report.

Meanwhile, raising heat over the arrest of Mr Reddy, political parties from the state has alleged that the UPA government is protecting him. Communist Party of India (Marxist) Politburo member and state secretary BV Raghavulu asked why the central agency has not arrested Jagan and other accused, including some industrialists and bureaucrats, in the case so far despite serious charges levelled against them.

Telugu Desam Party on the other hand, alleged that the central government was desperately trying to protect the YSR Congress President in the assets case. "Union ministers Pranab Mukherjee and P Chidambaram took the responsibility on them to protect Jagan," senior TDP MLAs Devineni Umamaheswara Rao and M Linga Reddy alleged.

At 12.20pm, Aurobindo Pharma was trading 4.3% down at Rs118.5 on the Bombay Stock Exchange while the benchmark Sensex was marginally up at 16,561.

User

COMMENTS

Aban

5 years ago

Has similar action been taken against other politicians who are expected to play a crucial role in the ensuing presidential election?

Fuel Efficiency: Poor standards

Energy efficiency norms for cars are full of holes, finds Veeresh Malik

The new fuel...

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MSSN member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation
Public Interest Exclusive
Pratibha Patil’s Bungalow: President Should Set an Example

The president is expected to not just adhere to the basic rules, but also follow the highest...

Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MSSN member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)