No Sunday for Jagan
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 Rs797 crore though it was worth only Rs150 crore.
It was pointed out that Sandur had been doing normal business before YSR became the chief minister but later 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 Rs675 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 Rs4 crore while they together invested Rs533 crore in Sandur power.
The Kadapa MP was asked about his business transactions before 2004 and after YSR became chief minister.
Mr Prasad had invested Rs854 crore into firms belonging to the Kadapa MP using his companies Alpha Villas and Gilchrist Investments.
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