CBI counsel put up a strong case seeking rejection of bail to the auditor Vijayasai Reddy in the illegal properties case involving the YSR Congress president YS Jaganmohan Reddy in the special CBI court at Nampally in Hyderabad on Monday.
Even as the defense counsel Susil Kumar argued section 409 doesn’t apply to his client and sought bail, CBI informed the court Vijayasai reddy was in the know of things related to the flow of investments into the Jagan companies in lieu of favours done to various companies by the then YSR regime.
“The case is not of political colour. The late YSR had allotted nearly 20,000 acres of land to different persons and companies and, on quid-pro-quo basis, investments to the tune of Rs.850 Cr were pumped into Jagan companies from them. Vijayasai played a key role in the transfer of funds,” said the CBI while opposing the bail.
Explaining that Vijayasai played a key role in turning bribes into investments into the Jagan-owned companies, CBI said an amount of Rs.23 Cr was transferred into the bank accounts of Sundur Power from Keylon Technologies in which Vijayasai’s wife was a director. “The amount was first transferred to the accounts of his daughter and then to the accounts of Sundur Power,” CBI told the court.
CBI also told the court that Vijayasai worked as director in the Jagathi Publications till June 26, 2007 and afterwards he became a director in the Sundur Power. “At that time only, a fund of Rs.105 Cr was transferred to the accounts of Jagathi Publications from 2I capital,” CBI told the court and produced documents proving the transfer of funds.
While working as the director of the Oriental Bank of Commerce, Sai Reddy also simultaneously worked as the auditor for the Raghuram Cements owned by Jagan family members. “The cement company was granted a loan of Rs.200 Cr by the bank during his regime as the director and the transaction was not properly made out,” charged the CBI.
CBI also informed the court some people had complained that Sai Reddy has threatened them with dire consequences if they spilled the beans. “He seems to be seeking bail for manipulating evidences and threatening witnesses,” CBI told the court. Further arguments will continue on March 16. (J)
