YSR Congress Chief Jagan Mohan Reddy Arrested under prevention of corruption act

 YSR Congress Chief Jagan Mohan Reddy Arrested under prevention of corruption act 




Sunday –

YSR Congress Chief Jagan Mohan Reddy was arrested by the Central Bureau of Investigation (CBI)


The YSR Congress chief was taken into custody between 7 pm to 7.30 PM in the disproportionate assets case.

Jagan is accused of conspiring with his father to dole out favors to companies which invested in his businesses in a quid pro quo arrangement.

The disproportionate assets case pertains to the Vadarevu and Nizampatnam Ports and Industrial Corridor (VANPIC) deal.

Industrialist Nimmagadda Prasad was the promoter in the VANPIC deal and allegedly invested Rs 850 Crore in the business of Jagan for land allotment made to the VANPIC project by the then YSR regime on quid-pro-quo basis.

Jagan declared movable and immovable assets of Rs 365 Crore while filing his nomination for the May 8 by-election to Kadapa Lok Sabha seat.

IBN reported that CBI has made following charges against Jagan.

1. Section 120b - Criminal conspiracy

2.Section 420 - Cheating

3.Section 477a - Forgery of documents

4.Section 409 - Criminal breach of trust

5. Section 13(1)d, 13(2) r/w 477 - Prevention of Corruption Act


After the arrest of Jagan YSR Congress Party called for a shutdown in Andhra Pradesh Monday to protest the arrest of its leader Y.S. Jaganmohan Reddy in the disproportionate assets case.


Updated on Monday, May 28, 2012
6.40 PM

YSR Congress chief and Kadapa MP Jagan Mohan Reddy has been sent to 14 days judicial custody till June 11 in connection with the disproportionate assets case.

Jagan has been lodged in Chanchalguda jail in Hyderabad after Principal Judge A Pullaiah allowed his petition of seeking special prisoner status under Andhra Pradesh prison rules.

CBI counsel Ashok Bhan alleged in the court that Investments to the tune of Rs 1234 crore have been made in his (Jagan's) companies and he himself got enriched by Rs 300 crore.
It is a white collar crime committed by 74 accused, including Jagan, and so far charge sheets have been filed against 24 accused. All the accused in custody (industrialist N Prasad, senior bureaucrat K V Brahmananda Reddy) have revealed certain glaring facts about the case and we have to confront Jagan on the information provided,"

CBI has sent letters Rogatory to Mauritius and Luxembourg to get more information as there were alleged investments to the tune of several crores in Sandur Power by Jagan. "Luxembourg-based Asian Infra is suspected owner of Sandur Power," the agency submitted.

Suggested Reading –

Know about Y. S. Jagan Mohan Reddy son of Y.S. Rajsekhar Reddy – YSR congress
 

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Sunday, May 27, 2012

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