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YSR gifts 20,000 acres to private companies for Rs 850 crore transfer to Jagan companies మార్చి 6, 2012

Posted by M Bharath Bhushan in Andhrapreneurship, Congress, corruption, Economy, politics, SEZ, Y S Jagan, YSR.
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Jagan companies got Rs 850 crore from YSR gift of 20,000 acres to private firms

TNN, March 6, 2012

HYDERABAD: Laying bare the quid pro quo arrangement that allegedly took place in the Jagan assets case, the CBI on Monday told the special court that the YS Rajasekhara Reddy regime gifted away over 20,000 acres of government land to private companies and individuals who in turn invested about Rs 850 crore in the companies that were floated by the late chief minister’s son Jaganmohan Reddy

The investigation agency made this startling disclosure while opposing the bail petition of V Vijay Sai Reddy, financial advisor to various firms of Jagan and an accused in the assets case, when the matter came up for hearing on Monday. B Ravindranath, deputy legal advisor of the probe agency said, in all, the YSR regime gave away 20,000 acres of government land across the state to private firms and individuals who, as part of the quid pro quo arrangement, invested Rs 850 crore in the Jagan companies. “All these land allotments were made bypassing rules. The land is now being misused contrary to the condition and purpose of their allotments,” the CBI counsel said. It was Vijay Sai Reddy who played a crucial role in channelizing all the funds that came from the beneficiaries of these allotments. He is not merely a financial auditor, but the key conspirator in such dealings, the counsel said.

Further elaborating the ongoing probe into the Jagan assets case, the counsel informed the court that the CBI has already identified the key officials who facilitated this fraud and has questioned them and all their actions fall under the purview of section 10 of the Evidence Act. In fact, YSR had made Vijay Sai a member of the TTD trust board only in recognition of his services to his family, the CBI counsel said. He was also made a director in the public sector Oriental Bank of Commerce (OBC) from 2006 to 2009 during which period the bank had sanctioned Rs 200 crore as term loan to Raghuram Cements and this has now become a Jagan company under the new name of Bharati Cements, the CBI counsel said. Though as director of the bank, he should not have any interest in the companies that get loans from his banks, he acted as an auditor to all the Jagan firms including Bharati, he said.

Similarly, Ravindranath said, “Vijay Sai was the director of Sandur Power, a firm floated by Jagan, and he is yet to show us the source of Rs 105 crore that was pumped into Sandur during his tenure as the director of the company. Later, he was made a director of a Mauritius-based company 2-I Capital and some of the funds flow that happened via this company is also under investigation,” the CBI counsel said. The whole conspiracy was hatched between 2006 and 2007 and it was during this time Vijay Sai hiked the premium of Jagathi Publications in order to absorb the bribes as investments, the CBI contended.

According to the CBI, Vijay Sai also ensured the flow of Rs 23 crore as seed money into Sandur company from a firm called Kheelan Technologies, whose owner is none other than his wife. This money came through hawala channels and through money laundering and Vijay Sai used the bank accounts of his daughter and staff and also certain fake demand drafts for this purpose, the CBI counsel said.

Susheel Kumar, senior counsel arguing for Vijay Sai Reddy, urged the court to grant him bail as the probe agency has ‘failed to make out any case against him’. The judge then posted the case to March 16 for further hearing.

Source: http://timesofindia.indiatimes.com/city/hyderabad/Jagan-companies-got-Rs-850-crore-from-YSR-gift-of-20000-acres-to-private-firms/articleshow/12154031.cms



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