Pending Jagan cases touch Rs 3,000 crore

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The CBI has informed the Supreme Court that the seven cases that were yet to be chargesheeted in the Jagan Mohan Reddy illegal investments case involves around Rs 3,000 crore.

The CBI has alleged that Reddy had amassed illegal wealth between 2004 to 2009 during his father YSR’s tenure as Chief Minister as the government gave unlawful benefits to companies that had invested money in his companies as quid pro quo investments.

The cases related to Sandur Power Company Limited, grant of mining lease to Bharati Cements / Raghuram Cements owned by Jagan Mohan Reddy, Penna Cements group, Dalmia Cements, India Cements, were being investigated, officials said.

The CBI is also looking at investment through paper companies in Kolkata and Mumbai, Indu Projects and Lepakshi Knowledge Hub.

Will move higher court: Jagan lawyer

The CBI Special Court at Nampally rejected the statutory bail plea of Kadapa MP Y.S. Jagan Mohan Reddy on Wednesday citing the Supreme Court order which stated that he could apply for bail only after the completion of investigation.

The court stated that granting bail at this stage when investigation was not complete would not only impede the probe but also go against the purpose set out by the SC in its order.

The apex court had stated that the investigation shall be completed as early as possible and one final chargesheet should be filed. It had dismissed the Special Leave Petition with the observation that it would be open for the petitioner to renew his prayer for bail before the trial court on completion of investigation and submission of the chargesheet.

The judge in the bail rejection order stated “…Supreme Court gave paramount importance to the investigation relating to seven issues and that is why the completion of their investigation was put as a rider before the petitioner applying for bail even if the chargesheet was filed and CC was numbered… The same rider applies to the present bail application also. Therefore the court is unable to accept the contention of the petitioner that the order of Supreme Court will have no impact on the right of petitioner seeking bail under 167(2) CrPc…”.

The court agreed with the argument of CBI’s deputy legal advisor B. Ravindr-anth that under Article 141 of the Constitution, the lower court shall be bound to the judgment of the Supreme Court. Jagan Mohan Reddy’s advocate G. Ashok Reddy said, “We will consider the options of appealing in higher courts.”

The Kadapa MP’s lawyers were arguing that under Section 167(2) of CrPc, he was eligible for statutory bail as the CBI had failed to file the chargesheet in the specific period of ninety days from the day of arrest.

The CBI Special Court posted the case of another bail plea, a regular petition, of Jagan Mohan Reddy under 437 CrPc to November 30.