Illegal assets case: Jaganmohan Reddy released on bail

Rajalakshmi S | | Updated on: Sep 24, 2013




After about 16 months stay in jail, YSR Congress chief and M.P. of Kadapa, Y.S. Jaganmohan Reddy on Tuesday walked out of jail amidst cheers from his supporters.

Reddy, who was arrested last year in the illegal assets case, had obtained bail from a Central Bureau of Investigation court on Monday. His release assumes significance in view of the ongoing agitation in the Seemandhra region against the bifurcation of state to create the Telangana state. YSR Congress Party has extended support for undivided Andhra Pradesh. Thousands of supporters thronged the Chenchalguda prison here since morning expecting that the leader would be released by noon.

However, Reddy stepped out only around 4 p.m. after the jail authorities received the bail papers and securities. He then proceeded in procession to his residence at Lotus Pond here.

The CBI had, so far, filed 10 chargesheets in the case so far and on Tuesday submitted to the court that the investigation was completed. Several serving and former ministers and senior bureaucrats have also been named by the CBI in the chargesheets.

Many corporates including Aurobindo Pharma, Ramky Infra, Indu Projects, Hetero Drugs,Bharathi Cements, India Cements, Penna Cements and Jagathi Publications (owned by Reddy) were named in the charge-sheet for illegally investing in firms belonging to Reddy in quid pro quo basis.

In a memo submitted to the Andhra Pradesh High Court yesterday, the CBI said it would not initiate action against Sandur Power, Carmel Asia Holdings, PVP Business Ventures, Jubilee Media, Classic Realty, Brahmani Infratech, RR Global Enterprises and Saraswati Power as it could not establish the quid pro quo allegations.

There would be no further chargesheets in the case except a final report on Indu Projects, the CBI said.

The CBI took up investigation into the alleged illegal assets of Reddy following a direction from Andhra Pradesh High Court. Reddy was arrested in May last year and under judicial remand since then.

Published on March 13, 2018

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