AP govt. allows CBI to attach Jagan's illegal properties
In a move to tighten the noose in disproportionate assets and illegal property scam, the Andhra Pradesh government on Friday has granted permission to Central Bureau of Investigation (CBI) to attach the properties of Kadapa MP and YSR Congress Chief YS Jagan Mohan Reddym, his close aide Sunil Reddy and Trimex group chairman Koneru Prasad.
The later two's properties will be attached in the connection of irregularities in Emaar Properties that cause huge loss to state's exchequer.
State government in a separate order on Friday evening gave permission to CBI to attach Reddy's three properties - Jagati Publications, Indira Television and Janani Infrastructure.
This new order of the government has enhanced the trouble of Jagan Reddy, who is already in the target of investigating agency for collecting huge properties from unknown properties.
According to sources, the attachment process will complete in six moths as first CBI would have to identify the properties and then file a detailed petition in the special court. An administrator would be appointed to oversee the process of attachment and to prevent any type of transactions from Jagan.
Hyderabad High Court last year had order CBI to begin the investigation against former Chief Minister of Andhra Pradesh Late. YSR Reddy's son Jaganmohan Reddy for collecting mammoth assets from unknown sources and raising funds from various corporates in quid pro quo for favours doled out by the YSR government
CBI has estimated that over Rs 1170 crore came into Jagati through various sources, ostensibly as quid pro quo deals. The agency had already frozen three bank accounts of Jagati, Indira Television and Janani Infra as part of the investigations in the case.
CBI will also attach the properties of Sunil Reddy and Koneru Prasad in the connection of doing irregularities in Emaar Properties. CBI is probing into the alleged irregularities by Emaar Properties that caused huge losses to the Andhra Pradesh government in a joint venture to build an integrated township on the outskirts of Hyderabad.
Both Prasad and Sunil have been arrested in the Emaar case and are currently in jail. They are accused of scaling down of the state government's share in the joint venture, causing alleged monetary loss to the public exchequer.
--With Agencies Inputs--
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