SC rejects Jaganmohan Reddy's bail plea

The Supreme Court Thursday dismissed the bail petition of YSR Congress president Y.S. Jaganmohan Reddy in a case of disproportionate assets, saying his release could hamper probe against him.

The court observed that Jaganmohan Reddy, popularly called Jagan, son of late Andhra Pradesh chief minister Y.S.R. Reddy, was ultimate beneficiary of the alleged acts of wrong doing.

The apex court also cancelled the bail of Jaganmohan Reddy's auditor Vijay Sai Reddy and directed him to surrender by May 30, CBI counsel Ashok Bhan told reporters outside the Supreme Court. The court also rejected the bail plea of industrialist Nimmagadda Prasad, an accused in the case.

The court directed the Central Bureau of Investigation (CBI) to complete investigations and file charge sheet within four months. Thereafter, the three can move the court for the grant of the bail.

Jagan, a Lok Sabha member from Kadapa, was arrested by the CBI on May 27, 2012.

Vijay Sai Reddy has been given time till June 5 to surrender as his daughter's marriage is scheduled to take place May 26.

The court while rejecting the bail pleas noted that there was an enormous increase in while collar crimes, which has serious repercussions on the economy of the country.