By IANS,
Hyderabad : The Central Bureau of Investigation (CBI) Thursday conducted searches at several places in connection with cases relating to alleged illegal assets of YSR Congress party chief Y.S. Jaganmohan Reddy and irregularities in the Emaar township project.
According to sources in CBI, about 20 teams began simultaneous searches at several places in Hyderabad, Bangalore and Mumbai.
Armed with search warrants from a special court, the CBI sleuths began the searches at the residences of Jaganmohan Reddy, his sister Sharmila, IAS officer B.P. Acharya, businessman Nimmagadda Prasad and several other individuals and companies.
Searches were also launched at the offices of the companies owned by Jagan, as the MP from Kadapa is popularly known, and the firms and individuals which invested in his businesses.
The searches at 22 places in Hyderabad came a day after CBI registered a First Information Report in both the cases on the direction of the Andhra Pradesh High Court.
According to sources, the CBI is looking for evidence to build the cases against the accused.
A team of 11 CBI officers led by Joint Director V.V. Lakshminarayana is searching the palatial residence of Jagan at Lotus Pond at Banjara Hills. A search was also on at the residence of Prasad in Sainikpuri.
The first search began early in the day at the residence of Acharya in Mahindra Hills here. He was managing director of Andhra Pradesh Industrial Infrastructure Corporation (APIIC) when Dubai-based Emaar allegedly committed irregularities in developing a township project here.
Emaar, which was allotted land by APIIC, allegedly brought down the latter’s equity in the joint venture and roped in another company without permission from APIIC, causing a loss of Rs.5,000 crore to public exchequer.
The CBI officers also launched the searches at the offices of Bharati Cement and Telugu daily and television channel Sakshi, owned by Jagan, son of late chief minister Y.S. Rajasekhara Reddy.
Prasad of Matrix Lab is one of the investors who pumped in money in Jagan’s businesses, allegedly in a quid pro quo arrangement for the largesse they received from his father when he was chief minister.
The federal agency is also conducting searches at the residence of Jagan in Bangalore and his offices in Mumbai.
Searches were also on at the offices of Sandur Power Project, Hetero Drugs, Hetero Labs, Malaysia Township, Indu Projects and several other companies and individuals.
The CBI teams left early in the day from the state-owned Dilkusha Guest House here to launch what is said to the biggest ever searches in Andhra Pradesh.
The investigating agency had Wednesday secured warrants to search 91 locations belonging to 32 corporates and individuals in both the cases
Jagan and others have been booked under various sections of Indian Penal Code, Prevention of Corruption Act and Prevention of Money Laundering Act as directed by the high court.
The companies that received massive investments, including those routed through tax haven countries, include Jagati Publications, which published Telugu daily Sakshi, Indira Television, which runs Sakshi television channel, Bharati Cement and Sandur Power.
Noting that the companies floated by Jagan showed phenomenal growth, the court said the face value of the shares of some companies were escalated by as much as 35 times.
The petitioners, including a minister belonging to Congress party and leaders of opposition Telugu Desam Party, alleged that Jagan amassed huge wealth by misusing power when his father was chief minister from 2004 to 2009.
During the by-polls to Kadapa Lok Sabha seat in May this year, Jagan had declared assets of Rs.365 crore, making him the richest MP in the country. In 2009 elections, he was worth Rs.77 crore.