CBI submits reports on Jagan, Emaar to HC

The Central Bureau of Investigation (CBI), which completed its preliminary investigation into Kadapa MP YS Jagan Mohan Reddy’s assets a day ahead of the two-week time line, submitted its report to the AP High Court on Tuesday evening.

CBI joint director VV Lakshminarayana, who headed the investigation, handed over the report along with the documents compiled in support of the findings to the court authorities.

On July 13, a division bench headed by Chief Justice Nisar Ahmed Kakru had ordered a preliminary inquiry by the CBI on the nature of investments made in Jagan’s firms to verify if those investments were bribe given by the companies that had got favours from the state government when his father, YS Rajasekhara Reddy, was chief minister.

The court had initiated the inquiry after admitting complaints from state textile minister P Shankar Rao, who was later joined by TDP MP Yerram Naidu and a high court advocate with similar accusations against the Kadapa MP.

The division bench is expected to hear the opinions of the respondents, investors and the companies of Jagan before giving its verdict on whether the case deserves a full probe by the CBI.

The Supreme Court had last week dismissed the special leave petition filed against the inquiry and had observed that the principles of natural justice be followed by providing access to the CBI findings to Jagan and others before making a decision.

In line with this, the CBI joint director sought clarification from the chief justice on furnishing the copies of the report to the respondents, court sources said.

The case is expected to come up for hearing tomorrow. The CBI has questioned 23 companies, which have invested in either of the three companies — Jagati Publications, Indira Television and Bharati Cements — promoted by Jagan.

If the court finds that the allegations against Jagan are prima facie true, it may order a full-fledged probe into his assets.

Report on Emaar
The investigative agency also submitted its findings to the High Court on the irregularities alleged to have been committed by the Emaar group in a township-cum-golf course project being developed on the land allotted by the state here.

The court had ordered the inquiry on the allegations of fraud involving Emaar group and officials and persons in government that resulted in a loss to the state exchequer as the government’s equity in the project reduced to near zero level.