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CBI closes in on Jagan-friendly firms

Posted by on July 27, 2011 0 Comment

At least 20 firms which directly invested hundreds of crores of rupees in Jagati Publications Private Limited (JPPL), owned by Kadapa MP YS Jagan Mohan Reddy, have been identified by the CBI as the ones which had received benefits from the then government headed by the MP’s father, the late Y S Rajasekhara Reddy.

The agency on Tuesday submitted to the High Court the findings of its preliminary probe into the alleged illegal assets of Jagan Mohan Reddy and sought six to eight months’ time to conduct a deeper investigation. CBI joint director V V Lakshminarayana himself submitted the bulky report to the High Court registrar.

Sources told Express that after examining the investments made by several companies in JPPL, the sleuths narrowed down their focus to about 20 companies which ploughed huge monies into JPPL, possibly as repayment for favours received from the YSR government. “The report focuses mainly on companies which invested directly in JPPL. There were other companies which invested money through other routes,’’ sources said. Representatives appearing on behalf of Jagan reportedly told the CBI that no decision was taken by the late YSR alone; they were approved by the cabinet. They said the companies which the CBI believes to have benefited by investing in JPPL include Matrix (invested `200 crore in March besides reportedly investing `500 crore earlier), Pennar Cements, Aurobindo Pharma, Hetero Drugs, Tanla Solutions, Ramky and PVP Business Ventures, among others. “Once the court grants us time, these companies will be investigated. Two weeks is too short a time to probe a case of this magnitude which has several angles to it,’’ sources said.
Though the CBI tried to elicit information from the companies’ representatives —mostly chartered accountants/ lawyers — it sourced the same from others too. Express News

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