Jagan may be booked on money laundering charges: ED sources

Aug 18, 2011 |

Hyderabad

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After the CBI raids, Enforcement Directorate may soon file a money laundering case against against Y.S. Jaganmohan Reddy and some of his associates.

The Directorate is understood to have made a discreet probe trailing the funds pumped by the Kadapa Member of Parliament and son of former Andhra Pradesh chief minister Y.S. Rajasekhara Reddy and his associates into the companies owned by them.

The agency, according to sources, has gone through some official documents of transactions as part of its investigations under the provisions of the Prevention of Money laundering Act (PMLA).

The CBI earlier today registered a case against Reddy on the instructions of Andhra Pradesh High Court under relevant sections of the Indian Penal Code pertaining to cheating, criminal conspiracy, criminal breach of trust and under provisions of Prevention of Corruption Act.

CBI spokesperson in Delhi, Dharini Mishra said that searches were conducted at Hyderabad, Bangalore, Chennai, Kolkata, Rajkot, Delhi and Mumbai, in this connection.

"The Central Bureau of Investigation has registered a case...against a Member of Parliament from Andhra Pradesh, and others, on the orders of High Court of Andhra Pradesh...on the allegation that the investors invested in the companies owned and promoted by the Member of Parliament at very high premiums as a quid-pro-quo for the favours doled out by the then Chief Minister of Andhra Pradesh," she said.

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