V. Vijay Sai Reddy, financial advisor to Kadapa MP Y.S. Jaganmohan Reddy, was granted bail in the quid pro quo investments cases by the Principal Special Court of CBI Cases here on Tuesday.
Mr. Reddy, the second-accused in the cases, was arrested by the Central Bureau of Investigation (CBI) on January 2, 2012. He was charged with playing a key role in conversion of black money into white through investments into Jagathi Publications and other companies owned by Mr. Jagan from foreign countries.
Besides, he was also charged with influencing companies/investors pump funds into Mr. Jagan’s firms by offering benefits from the State Government then led by Y.S. Rajasekhara Reddy. The CBI had termed him the kingpin in the criminal conspiracy hatched by Mr. Jagan and others.
He was first granted bail by the trial court on April 13, 2012 but it was cancelled by the Supreme Court on May 9 this year. He was also given interim bail earlier this year on two occasions on account of his daughter’s marriage and for going on pilgrimage.
Specifying some conditions for Mr. Reddy’s bail the court directed him not to leave Hyderabad without its prior permission and should not influence the witnesses. He was told to furnish surety bond for Rs. 2 lakh and personal surety of two other persons with the like sum. He is likely to be released from Chanchalguda jail on Wednesday after completion of the formalities.