HYDERABAD: In a significant development in the illegal assets case of YSRC chief YS Jagan Mohan Reddy, the Enforcement Directorate has for the first time named Jagan’s wife YS Bharathi as one of the accused in the Raghuram (Bharathi) cements episode of the assets case.
In this regard, the ED recently filed a chargesheet before the Special CBI court, designated to hear the ED cases, naming her as accused number five (A5) in the Raghuram Cements case under the Money Laundering Act. So far, there was no mention of her name in any of the 11 chargesheets filed by the CBI and those filed by the ED in the case.
The ED, in its chargesheet, urged the special court to issue summons to the accused and punish them under Section 3 of the Money Laundering Act. Jagan Mohan Reddy, V Vijayasai Reddy, Bharathi Cements Corporation, Jella Jagan Mohan Reddy, YS Bharathi Reddy, Silicon Builders, Sandur Power, Classic Reality, Saraswathi Power, Capstone Infra, Utopia Infra, Harish Infra, Silicon Infra, Revan Infra, Bhagawat Sannidhi estates, former director of mines VD Rajagopal, IBM representative VM Prabhu Shettar, former IAS Krupanandam and associate director of mines S Shankarnarayana were among the 19 accused named in the case.
In September 2013, the Central Bureau of Investigation filed a chargesheet in the Raghuram Cements episode of the illegal assets case. Based on the charge sheet, the ED had investigated the case and filed a chargesheet before the Special CBI court.
Flow of money
The ED, in its investigation, has primarily focused on the flow of investments into Raghuram Cements and other companies belonging to Jagan.
As per the charge sheet filed by the CBI, about 2,037 acres of land in Kadapa district was granted on lease to Raghuram Cements belonging to Jagan. It also mentioned about the loan sanctioned by the OBC and the investments made into company.
The officials concerned have played a key role in the grant of above lease to Raghuram Cements by not extending the prospective lease to Gujarat Ambuja Cements Limited at Kamalapuram and Erraguntla mandals in Kadapa.It was also alleged that there was a conspiracy involving Prabhu Shettar in granting a lease to the company in one day though there were lapses in the mining lease plan submitted by Raghuram Cements. It was further alleged that there was tampering of records by the mining officials to benefit Raghuram Cements.
Nimmagadda Prasad and his companies had invested about Rs 285 crore in Raghuram Cements apart from Rs 35 crore in Sandur company. The ED had earlier attached the properties worth Rs 749 crore which included fixed deposits made in the name of YS Bharathi, Jagan’s Lotus Pond house and the office building of Sakshi and building located in Bengaluru.