[1]There is no relief for Kadapa MP Y.S. Jagan Mohan Reddy, arrested in the illegal assets case by the CBI, as the special court for CBI cases has granted permission to the Enforcement Directorate to record his statement.
The ED wants to record the statement of Mr Jagan Mohan Reddy as the then chairman and director of Jagati Publications. The ED suspects that money invested in Jagati Publications came from overseas through hawala transactions. It has sent six letters rogatory to various countries, including Luxemburg, to provide the required information.
The offences the ED is investigating fall under the Prevention of Money-laundering Act and the Foreign Exchange Management Act.
Three others accused in the case — Nimagadda Prasad, B.V. Brahmananda Reddy and B.P. Acharya — have already been questioned by the ED. Industrialist Nimagadda Prasad was questioned about his investments in the various companies floated by Mr Jagan Mohan Reddy.
Bureaucrats Acharya and Brahmananda Reddy were questioned about their favouring the industrialist by allotting land for his Vanpic project.
The ED has alleged that Mr Prasad was a mediator to route money from private companies like Indu Projects and Maytas Infrastructure into various companies owned and promoted by Mr Jagan Mohan Reddy through his companies.
A team of ED officials will record the statement of Mr Jagan Mohan Reddy in Chanchalguda prison. The team will be headed by the ED’s deputy director, Mr Rajeshwar Singh.
The court has directed that the ED can record statements from July 7 to July 21 between 10 am and 5 pm.
Links:
[1] http://archive.asianage.com/ysr3jpgcropdisplayjpg-728