CBI now tracing Jagan’s foreign fund transfers

NEW DELHI/HYDERABAD: After filing a chargesheet against YS Jagan Mohan Reddy for alleged abuse of his official position, the CBI has sent a request to various countries seeking their assistanc

Published: 09th April 2012 03:20 AM  |   Last Updated: 16th May 2012 07:24 PM   |  A+A-

NEW DELHI/HYDERABAD: After filing a chargesheet against YS Jagan Mohan Reddy for alleged abuse of his official position, the CBI has sent a request to various countries seeking their assistance in probing alleged transfer of funds by the son of former chief minister, a charge denied by his party.

The letter of request, sent through diplomatic channel, alleged that between 2004 and 2009 when YS Rajasekhara Reddy was the chief minister, his son Jagan and his family allegedly defrauded the public exchequer by way of obtaining several favours from the state government in matters related to issuance of licences and permissions.

Jagan and his family have also been charged in the letter with obtaining favours in matters related to allotment of lands for special economic zones and mining leases to companies which made huge investments in companies floated by Jagan at abnormally high rates of premium.

Denying all the charges, YSR Congress party of Jagan in a statement said, "All investments into Jagan Mohan Reddy's companies have been of sound commerce and have always complied with the law of the land. The companies, which invested into Jagan Mohan Reddy's companies, have also invested into other blue chip companies in the country."

"There has been no wrongdoing by Jagan Mohan Reddy. So there's nothing to be concerned about. We are sure he is going to come out clean in the end," a statement from the party quoting its spokesman said.

The Letters Rogatory sent under the signatures of the special judge of CBI in Hyderabad has requested the British Virgin Island to ascertain the details of the owners and authorised signatories of and bank account details of a firm incorporated in that country besides ascertaining whether funds from companies based in Mauritius had been routed to India through there.

It also requests for ascertaining the genuineness of the shareholders of the firm and their relationship if any with YSR or Jagan, it said.

While forwarding the request under the "Assurance of Reciprocity" as no treaty of mutual legal assistance exists between the two countries of India and British Virgin Island, the CBI requested that the statement of witnesses may be recorded as per the requirement of law in vogue there.

The Letters Rogatory have also been sent to Luxembourg, Singapore, Hong Kong, Mauritius and the UK.

In Mauritius, the Letters Rogatory have sought details about two companies besides furnishing original or certified copies besides details of bank accounts with three international bankers to ascertain whether any funds were received or transferred into Sandur Power Company owned by Jagan.


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