CBI quizzes Jagan for 2nd day
The CBI questioned Kadapa MP Y.S. Jagan Mohan Reddy in the presence of arrested industrialist Nimmagadda Prasad on Saturday, the second day of his interrogation.
Apart from the Vanpic project, Mr Jagan Mohan Reddy was questioned about routing black money and selling shares of Sandur Power.
The interrogation went on for seven-and-a-half hours and the Kadapa MP was asked to appear before the investigating agency again on Sunday morning.
CBI joint director V.V. Lakshminarayana, SP H. Venkatesh and two other CBI officials questioned him and Mr Prasad.
Mr Jagan Mohan Reddy was asked how Sandur Power Company Limited raised `797 crore though it was worth only `150 crore. It was pointed out that Sandur had been doing normal business before YSR became the chief minister but later it sold shares to various companies and individuals at huge premiums with an objective of receiving bribes and routing the ill-gotten proceeds.
The CBI alleged that the YSR Congress chief had made fictitious transactions of selling 82 lakh shares of Sandur Power at `675 a share to ZM Infotech, Nelcast Finance, Excelt Pro Soft, Sai Surya Warehousing Company and Sigma Oxygen based in Chennai.
The four companies were later merged with Keelawn Technologies in which Mr Jagan Mohan Reddy had stakes.
The amount paid to take over the four companies was `4 crore while they together invested `533 crore in Sandur power.
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