CBI: Jagan solely behind firms’ offences
The CBI has pointed out that Kadapa MP Y.S. Jagan Mohan Reddy is solely responsible for the offences committed by his companies for which he might face up to seven years in jail.
In a counter against petitions filed by employees of the companies involved in Mr Jagan Mohan Reddy’s illegal investments case, the CBI stated: “Jagan Mohan Reddy shall be responsible for the affairs of the four companies in which hundreds of crores were invested as quid pro quo and no other can represent these companies during the trial. It was Jagan who perpetrated the crime using the cloak of the corporate body.”
Investigation has revealed that Jagati Publications, Carmel Asia Holdings and Silicon Builders were all incorporated between 2004 and 2006 and the YSR Congress chief played crucial roles in all; he is also the chief signatory.
However, in the case of Raghuram Cements and Minerals Pvt Ltd. which was incorporated in 1999, Mr Jagan Mohan Reddy was made director only in 2006. All four companies were used to acquire and channel illegal money received as quid pro quo from various individuals and companies.
The CBI has also alleged that these companies were given special benefits during YSR’s tenure.
CBI DIG H. Venkatesh said that the companies would be prosecuted under Sections 120 B, 420 and 471 of the IPC which calls for imprisonment of either description for a term which may extend to seven years and shall also be liable to fine.
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