The CBI told the Supreme Court during the bail hearing of YSRC chief Y.S. Jagan Mohan Reddy that Dalmia Cement had got huge money after selling shares in Bharathi Cement.
“Out of this, Rs 55 crore was paid to Mr Reddy in the 2010-11 financial year, in cash, through hawala. It’s all black money,” a CBI officer told this newspaper.
“This is crucial evidence. We informed the SC that investigation into Dalmia Cements is still on,” he said.
“We told the court that investigations into Kolkata-based briefcase companies, which were floated for the purpose of routing black money, are still ongoing,” said a CBI official.
Dalmia Cements invested Rs 95 crore in Raghuram Cements, originally owned by one C. Ramachandraiah.
Mining leases for more than 2,000 acres of limestone reserves was given to Raghuram Cements by the YSR government.
The company was later acquired by Mr Reddy and renamed Bharathi Cements in 2005.
The CBI alleged that in return for the investments it made in Raghuram Cement, Dalmia Cement received transfer of mining lease to the extent of 407.05 hectares in Talamanchipa-tnam village in Kadapa district from Eswar Cement.
It has been alleged that Mr Reddy and his associates divested their shares in Bharathi Cement in favour of a foreign company and earned amounts running into thousands of crores.
The acquisition of Bharathi Cement has also raised doubts due to the abnormally high valuation.
The CBI also told the apex court that YSR's aide Sureedu, alias Suryanaray-ana Reddy, who had initially given a statement to the CBI against the YSR family, had later refused to depose before a magistrate.