Order on Kadapa MP’s application on September 23

The CBI has informed a court that the assets case against Kadapa MP Y.S. Jaganmohan Reddy was of a large magnitude and he had impoverished the public exchequer to the tune of several thousand crores. In the process, he enriched himself through illegal means.

Opposing the bail application of Jagan, the CBI filed a counter-affidavit on Wednesday expressing an apprehension that Jagan would frustrate the process of fair trial if he was let out now. By his own claims, Jagan was also a highly influential and a dominant political force.

Stating that he was the ultimate beneficiary of illegal gratification for benefits extended by the government to certain companies, the CBI listed charges against ten firms that invested in Jagan’s businesses. They included Hetero and Aurobindo groups which invested Rs. 29.5 crore, Ramky (Rs. 10 crore), Nimmagadda Prasad (Rs. 854 crore), Dalmia cement (Rs. 95 crore), India Cement (Rs. 140 crore), Penna group (Rs. 68 crore), Lepakshi Knowledge Hub (Rs. 50 crore) and Indu Techzone (Rs. 15 crore). Jagan also cheated individual investors to the tune of Rs. 34.65 crore.

Defence counsel Sushil Kumar, a senior Supreme Court lawyer, denied the contention of the CBI that Jagan’s release would affect trial as investigation in the case was over and there was nothing left to probe. He wondered whether his client should not get bail till the trial in ten charge sheets against him, involving thousands of documents, was completed.

The CBI special public prosecutor K. Surender reminded the court about the detention of B. Ramalinga Raju, chairman of erstwhile Satyam Computers, even after investigation was over and trial launched.

The court reserved order for September 23.