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Cbi: They Are Bribes - Not Investments

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Hyderabad, Jan 4: CBI has made some sensational revelations in its petition seeking the custody of Vijaya Sai Reddy, vice chairman of Jagati Publications, publishers of the Sakshi newspaper. CBI said the money that was put in YSR Congress chief Y S Jaganmohan Reddy’s companies was not investment, but bribes given to the former Chief Minister Dr. Y S Rajasekhara Reddy for favours he had done to some companies or individuals. Despite questioning for 30 times, CBI could not elicit much information from Vijaya Sai Reddy. Sleuths of the agency then went to Mauritius, Luxemburg and other countries from where major portions of investments came into Jagan’s companies.

CBI in its petition for the custody of Vijaya Sai Reddy has expressed doubts that the Asiatic Infrastructure Sicar company of Luxemburg was actually owned by YSR and his son Jagan. The agency says only Vijaya Sai would be able to unravel the mystery surrounding the company. Though it was shown that the beneficial owner of the company was Whitehall Associates, CBI was of the view that the real beneficial owners could be YSR and his son Jagan. The agency while alleging that the money that came into these companies were bribes and not investments, said for this, Vijaya Sai has prepared back-dated valuation reports.

CBI has also alleged that Jagan has created a fictitious transaction of selling 82 lakh shares of Sandur Power at Rs. 18.75 per share to five companies namely ZM Infotech, Nelcast Finance Ltd, Excel pro Soft Ltd, Sai Surya Warehousing Company Ltd and Simga Oxygen Ltd. Later all these five firms were merged with Keelawn Technologies, the custody petition said. However, following investigations, it turned out that these five companies were bogus as none of them existed at the addresses shown in the records of the said firms, CBI pointed. CBI has also maintained that none of the persons who were listed as investors in the five companies had actually made any investments. In fact, names of these bogus investors were taken by Vijaya Sai Reddy at the instance of Jagan, so as to convert ill-gotten money earned by the accused as lawful sources said CBI in its petition.

CBI has also alleged that Carmel Asia Holding Ltd, Silicon Infrastructure Pvt. Ltd, Krishna Power Technologies and Bhagavath Sannidhi Estates Ltd, subsidiary companies floated by Jagan as director of Sandur Power were also fictitious. CBI sought custody of Vijaya Sai Reddy as he alone was in full knowledge of facts about these companies.

http://www.deccanchronicle.com/channels/cities/hyderabad/money-j-firms-actually-bribes-cbi-698

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