By IANS,
New Delhi : The Central Bureau of Investigation (CBI) has registered a case against Lok Sabha MP Y.S. Jaganmohan Reddy for allegedly amassing huge wealth disproportionate to his known sources of income, a statement released here said Thursday.
According to the statement by the federal investigative agency, the case has been booked against Jaganmohan and others on the orders of Andhra Pradesh High Court on the allegation that those who invested in the companies owned and promoted by the MP at very high premiums were as a quid-pro-quo for the favours doled out by the then chief minister of Andhra Pradesh Y.S. Rajasekhara Reddy — Jaganmohan’s father.
The case has been registered under sections 120-B (criminal conspiracy), 409 (criminal breach of trust), 420 (cheating), 477A (falsification of accounts) of the Indian Penal Code (IPC) and section 13(2) of the Prevention of Corruption Act, 1988.
“Searches are being conducted at Hyderabad, Bangalore, Chennai, Kolkata, Rajkot, Delhi and Mumbai in this connection,” the statement said.
Another case under the same sections was booked against real estate firm Emaar, its sister concerns and others on the allegation of execution of a real estate project at Manikonda in Hyderabad with the connivance of certain public servants of the Andhra Pradesh government.
CBI conducted searches in Hyderabad in connection with the Emaar case.