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Probe Jagan’s assets: HC to CBI

india Updated: Aug 11, 2011 01:18 IST
Ashok Das

The Andhra Pradesh high court on Wednesday directed the CBI to probe how YSR Congress Party chief Jaganmohan Reddy’s assets allegedly became disproportionate with his known sources of income.

A division bench comprising chief justice Nisar Ahmad Kakru and justice Vilas V Afzulpurkar issued the order after the CBI submitted its preliminary findings on two cases.

The high court had asked the CBI on July 12 to conduct a preliminary enquiry into the allegations to determine if there was sufficient evidence to order a full investigation.

It has been reported the assets were acquired when his father, YS Rajasekhar Reddy (YSR), was chief minister from 2004 to 2009 before he died in a chopper crash. Jaganmohan then made a pitch for chief ministership, which the Congress high command denied him. He left the party after a bitter fight with the leadership.

The court also ordered the CBI to probe the alleged wrongdoing in the Emaar Properties case, in which Andhra Pradesh Industrial Infrastructure Corporation allegedly suffered a loss of more than R1,000 crore when YSR was CM.

Jaganmohan’s close aide Ambati Ram Babu was managing director of APIIC then.

His declared assets, worth R365.86 crore, are in the form of shares in various listed and unlisted companies including Bharat Cements and Sandur Power. He had assets worth less than R10 lakh in 2004.