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CBI raids Jagan Reddy’s companies

Posted by on August 18, 2011 0 Comment

Hyderabad: Just a day after seeking permission to search his properties, the Central Bureau of Investigation (CBI) has begun raids at YSR Congress leader Jagan Mohan Reddy’s properties and companies.

The CBI is investigating the influential MP’s massive wealth which allegedly is disproportionate to his known sources of income.

Mr Reddy is one of India’s wealthiest politicians. In April this year, he declared assets worth Rs. 365 crores.

The premier investigating agency has also raided the office of Sakshi TV, a local channel belonging to Mr Reddy, and the home of IAS officer BP Acharya in Hyderabad.

The young MP, who is the son of former Andhra Pradesh chief minister YS Rajasekhara Reddy, has been accused by rival politicians in his state led by Textile Minister P Shankar Rao who is from his former party, the Congress. A case filed by Mr Rao alleges that Mr Reddy’s businesses profited vastly when his father was the Chief Minister. Mr Reddy’s income, according to Mr Rao, rose from Rs. 11 lakhs to Rs. 43,000 crore by the time of his father’s death in September 2009 when the latter’s helicopter crashed. YSR was then head of the Andhra Pradesh government.

Mr Reddy, who launched his own party – the YSR Congress – earlier this year, has accused the Congress of “witch-hunting.” His disenchantment with the Congress was triggered by the party refusing to name him as the new Chief Minister after his father’s death.

The investigation into Mr Reddy’s wealth was sanctioned by the Andhra High Court. Mr Reddy moved the Supreme Court on Wednesday against the August 10 order of the High Court, saying it was not a reasoned decision. NDTV

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