National » Andhra Pradesh

Updated: June 11, 2012 09:24 IST

Jagan questioned on divestment of shares to Swiss company

Special Correspondent
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YSR Congress president Jaganmohan Reddy being taken from Chanchalguda Central Prison by CBI officers for quizzing him in Hyderabad on Sunday. Photo: Nagara Gopal.
The Hindu
YSR Congress president Jaganmohan Reddy being taken from Chanchalguda Central Prison by CBI officers for quizzing him in Hyderabad on Sunday. Photo: Nagara Gopal.

The last day of police custody granted to the CBI by a court to interrogate Kadapa MP Y.S. Jaganmohan Reddy was reported to have been used mainly to question him on divestment of his shareholding in Bharati Cement in favour of a Switzerland-based company to earn crores of rupees.

Summons issued

Mr. Jagan who was sent back to Chanchalguda central jail after that will be produced in court by jail authorities on Monday morning.

A dozen others, including Srikakulam Collector G. Venkatram Reddy and Ramky group chairman A. Ayodhya Rami Reddy, will go there on their own in response to summons. Mr. Venkatram Reddy took the permission of the Election Commission to appear in the court as he is the district election officer.

The heads of Aurobindo and Hetero groups will also be there. The court had issued the summons to mark the first appearance of the accused in the three charge-sheets filed by the CBI so far in the assets case against Mr. Jagan. Incidentally, the interrogation of Mr. Jagan was over on Sunday precisely at the hour the campaigning for elections to 18 Assembly and one Parliament seat ended. CBI officers were said to have questioned him on the transactions with the Switzerland-based company PARFICIM which allegedly fetched him a windfall.

Doubts on two counts

The company was later acquired by a French entity raising doubts on two counts – its abnormal valuation and management being left to Mr. Jagan though he was a minor stakeholder. Matrix group chairman Nimmagadda Prasad, who is in jail, was said to have played a key role in the transactions. Mr. Jagan was questioned about a gain of Rs. 350 crore by Mr. Prasad after the entry of the French company and reinvestment of the money by him in Jagati Publications, sources said.

Questioning focus on Jagati

The seven-day custody of Mr. Jagan granted to the CBI by the High Court in two spells resulted in his interrogation on several issues pertaining to investments into his businesses, mainly Jagati Publications.

The CBI had to approach the High Court because the trial court refused the custody on ground that Mr. Jagan was produced before it in response to its summons, while the investigating agency sought his custody on the ground that he was arrested in a fresh case.

The court, meanwhile, had rejected the bail application of Mr. Jagan expressing fear that he could tamper with evidence. His plea to allow him to campaign in the by-elections was also turned down.

CBI doing it's work in the issue of Jagan .....

from:  Sandeep Kumar U
Posted on: Jun 13, 2012 at 08:57 IST

The timing bof Jagans arrest is wrong. CBI on the face of it is not
doing a fair job. If this continues who will invest in business houses.

from:  K V Rama Rao
Posted on: Jun 12, 2012 at 12:53 IST

There are many who ate away all the resources of our country and even
more by north Indian businessmen and politicians before and now. They
manage and were not caught because they are cruel, crooked, and
influenced by politicians and very close to Delhi corridors. The south
Indian people are innocent and are exposed for small things they do.
The law is not same for the whole country and always south Indians are
dominated by north Indians for many years and still continuous. But
south Indians are more intelligent, highly educated and very tolerant
and advantages are taken by north Indians. From sports to politics,
Bollywood to Business every where you find North Indian. We are always
treated as second class citizens this is how our India works. Finally
What Jagan has eaten away our resources is peanuts comparatively with
Ambani's, Mahendra's and so on. These Big Tyson are taken care well by
CBI, PM'S office and north Indian politicians.We are suppressed before
and after independence.

from:  shravan canada
Posted on: Jun 12, 2012 at 02:32 IST

India, a country with lots and lots of natural resources has registered very low GDP this quarter. what is happening to all the mined resources and other income that every indian is spending to earn his livelyhood?it is indirectly going into the pockets of this corrupt politicians and inturn we are being gifted with rise in petrol prices,daily commodities etc.But people still believe this corrupt politicians how funny it is.........!!!!

from:  siva subramanyam
Posted on: Jun 11, 2012 at 18:24 IST

India, a country with lots and lots of natural resources has registered very low GDP this quarter. what is happening to all the mined resources and other income that every indian is spending to earn his livelyhood?it is indirectly going into the pockets of this corrupt politicians and inturn we are being gifted with rise in petrol prices,daily commodities etc.But people still believe this corrupt politicians how funny it is.........!!!!

from:  siva subramanyam
Posted on: Jun 11, 2012 at 18:23 IST

Please respect the law & let the accus'ed/or debate & prove. It is the right of Jagan / CBI to plead for requirement. It is not the system of law to be revised -only yourself & ur mindset to be Corrected .Always to be genuine in behaviour & character . These two verticals to be driven in balanced manner .
Either local or abroad resident - your's identity is INDIAN & keep the faith & name of country where ever you are.
To all fellow Bro and Sis -
"Freedom is oxygen of soul & never misuse or pollute for personel or agony " - Jaihind.

from:  Srinivas.Ch
Posted on: Jun 11, 2012 at 15:08 IST

to ajay, tell me one person who isn't corrupt in government system.
Remember one thing, as long the system is corrupt people would go along with it...We need to change our system so that people wouldnt misuse it...

from:  sharat
Posted on: Jun 11, 2012 at 09:37 IST

I am neither pro Jagan or anti. But I am definitely anti-indian politicians. I have been living in the US for past 20+ years and that does not mean I am ignorant of current situation in India. One thing I know is, Most of India is under the poverty line because of the wealth amassed by politicians, big businesses and others in power. If Karunanidhi and family ( who were not rich by birth) can amass crores.

from:  pchitha
Posted on: Jun 11, 2012 at 08:56 IST

I obey that Y.S..Jagan is an accused but he is not only the accused.There are many political leaders who have to be accused because they all cheated the people earned wealth and hidden it away.So, CBI should investigate allthose leaders.Instead of,it focuses only on jagan.It will be considered as the slave of the ruling party.

from:  KARIM
Posted on: Jun 11, 2012 at 08:46 IST

Mr Gollapalli, Do you know the kind of corrouption that takes place in US? Example, All the Big to fail Banks like JP Morgan chase, AIG, Enron and State and Federal gov departments and defense contracts. They do it in very high level and only in $Millions and Billions. The middle and lower class Americans have no clue and they can't do much about it.
But in india it directly affects the regular folks daily life so much.
Every CM, top politician in every state and central and local gov are doing this day in and day out for 60 years. I couldn't believe my eyes that during Lokpal debate in parliment last year that folks who were in 2G trial are participating on how the bill should be written.

from:  Ajay
Posted on: Jun 11, 2012 at 08:10 IST

CBI can make any allegations, but they have to prove in court.
For the benefit of congress and tdp, cbi is making use of loopholes in law and harassing jagan, but he will not succumb. If he was afaid of anything he would have surendered to chidambaram/congress like chandrababu

from:  ketan
Posted on: Jun 11, 2012 at 06:48 IST

To Jagan supporters, i (from Nellore) agree with gollapalli comment. its not only Jagan, all the politicans are getting richer and richer. even after 65yrs of independence, still we are suffering without basic facitilies like drinking water, sanitation,food and social justice becasue, all our tax money are going to foreign banks and law on wrong hands.Neither money spent for people nor invested to create job and build the infrastructure. Event though our country has all necessary resources, we are far behind, becasue we failed to elect the right leaders, rather we elect selfish corrupt,who never had vision for country and people.

from:  Venkata
Posted on: Jun 11, 2012 at 06:00 IST

Every accused must be given the due is the GOI's job to prove the guilt of the accused. My only concern is that powerful/rich accused almost never get convicted, especially in India.

from:  Srikanth
Posted on: Jun 11, 2012 at 03:44 IST

I cannot believe that so many people in AP are stating "facts" like Jagan was born
rich, Jagan is a great enterpreneuer and that all this is being engineered by Sonia
Gandhi! I admit there is a political angle to all of this drama but the principal issue
is one of corruption and greed. Jagan's grandfather was a sepoy in the army. A
sepoy! The lowest rank in the Indian army. Born rich? Think again!

from:  Anand
Posted on: Jun 11, 2012 at 03:25 IST

I wonder how still inspite of clinching evidence, nexus between Gali
Janardhana reddy, (who bribed the judge) to get bail and YSR family,
some people still follow Jagan blindly..Don't they realise that the
vast coastal corridor starting from Nellore upto Guntur and beyond
Vanpic was given thousands of acres of land..leaving nothing for
establishment of a port by any other agency including the central
govt.. I think these people these are so much obessed with an idea of
an alternative news paper and TV channel with funds rather than how
the funds are got.. they do not try to understand how the State is
robbed in every way..perhaps these people think there is no
alternative to corruption..Corruption is not an answer to
corruption..if there is corruption in previous government, that does
not give right to resort to corruption in greater magnitude for this
Government..there is a limit for everything..even for blind
following..there is clear evidence in IT returns itself..

from:  ponnaluri satyanarayana
Posted on: Jun 10, 2012 at 20:12 IST

Mr Kalakar
Can you please get us details on how many cases pending aganist CBN?
It's shame on the guys,who are supporting jagan.First you guys have to think,whether jagan is corrupt.
Whether is CBI is functions indepentntly is not releavant here.
Has jagan done corruption is importnat?


from:  srinivas V
Posted on: Jun 10, 2012 at 19:38 IST

I live in US too. To be honest, Most of the Indians in US are techies with almost nil knowledge on the Judicial process. I interact with so many here. THIS IS JUST MY OPINION. Most of them here already consider Jagan as CONVICTED and don't even recognize the fact that most of the Telugu dailies are biased.

from:  Amar
Posted on: Jun 10, 2012 at 19:07 IST

To some jagan supporters here, Conspiracy or no Conspiracy .. Shoot the looter , a dacoit. Smaller thieves can be taken care after. Mines /minerals worth thousands and lakhs of crores are being looted and fools continue to support them . How does the govt survive 4 % fiscal deficit , fuel subsidy .. from where does the govt get money... You fools .. get educated first... SCAMs SCAMs SCAMs.. you deserve to be fooled cheated easily . No political affiliations .. Every looting dog need to be killed .. They dont deserve life.

from:  ajay
Posted on: Jun 10, 2012 at 19:06 IST

These election results are Precedent of what direction,AP is heading.
We will have a chance to judge pepople,not politicians how deep they got corrupted.

from:  srinivas v
Posted on: Jun 10, 2012 at 18:51 IST

dear gollapally I am very sorry to say ys jagan is an accused,not a criminal? I would like to ask you one simple question how many cases are pending with cbi? and other agencies like ed, it (income tax) etc, why cbi is curious about ys jagan ? do you also think cbi is functioning independently? we people (most of telugu people) believe there is a conspiracy behind YS JAGAN'S da case,we also believe YSR death is a conspiracy if situation continues in this manner,national parties will loose their identity in near future regional parties are going to play major role in indian politics ultmately the national parties like CONGRESS and BJP failed to keep the integrity of the country by mis using the powers bestowed to them by the people.

from:  kalyakar
Posted on: Jun 10, 2012 at 18:34 IST

Mr. S.gollapalli, because of your are living in AMERICA you forgot about Indian people greatness, indirectly you are insulting Indian people. Because of they know what is happening here, how YSR was killed and how YS JAGAN is being harassed by sonia. You come to India and know the truth and make statements like that, not by staying in USA by typing on computer.

from:  venky
Posted on: Jun 10, 2012 at 18:26 IST

By birth he is rich,what ever he did business, he paid to tax for Indian govt. He is a good politician , that's why entire AP people are supporting him. He is committed and good human being. Not like Chandra babu.

from:  Sekhar
Posted on: Jun 10, 2012 at 18:24 IST

As everybody believing that CBI is working under ruling party president SONIA GANDHI's orders, courts should not give importance to CBI and their charge sheets against YS JAGAN.

from:  seema
Posted on: Jun 10, 2012 at 18:00 IST

We have corrupt electorate.the money sized by EC is a proof of this. How can u have honest persons from corrupt. Electorate.

from:  K S REDDY
Posted on: Jun 10, 2012 at 17:46 IST

it is amazing how one corrupt politician can cheat so many people and earn so much wealth and still people keep following him and believe what he says. i live in united states and i can say we are hundreds of years behind this country. the politicians make sure that the people are below the poverty line and treat like beggars. i still believe that what churchill said -we don't deserve democracy and freedom.

from:  s.gollapalli
Posted on: Jun 10, 2012 at 17:26 IST
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