Jagan Reddy remanded to 14-day judicial custody till June 11

YSR Congress chief Jagan Mohan Reddy on Monday remanded to 14-day judicial custody till June 11 by the CBI court in Hyderabad.

Earlier on the day, the CBI had sought 14 days custody of Kadapa MP Jagan Mohan Reddy, saying it needed to 
further question him in the disproportionate assets case.

39-year-old Jagan, who was arrested on Sunday, was produced before a CBI court in Hyderabad.

Seeking 14 days police remand, senior CBI counsel Ashok Bhan alleged that YSR Congress chief Jagan Mohan Reddy "sent (bribe amount) abroad and got it reinvested in his business through hawala racket".

"Jagan never cooperated in the investigation during the three-day questioning period in true sense," the CBI counsel alleged.

"Jagan can no longer masquerade as a victim of CBI probe. He cannot assail CBI for being victimised. He has hoodwinked the people of a huge sum of money. We will now show the people about his swindling of money. He cannot seek public sympathy He has deprived poor people and caused them irreparable loss and in turn enriched himself by dubious mechanism by sending the funds abroad and getting the same invested in his companies," the counsel alleged.

CBI has charged Jagan under Sections 120-B (criminal conspiracy), 420 (cheating), 409 (criminal breach of trust) and 477A (falsification of accounts) of the Indian Penal Code and Section 13 of the Prevention of Corruption Act.

"Investments to the tune of Rs. 1234 crore have been made in his (Jagan's) companies and he himself got enriched by Rs. 300 crore. There are certain traces and he did not cooperate on the same," Bhan alleged.

"It is a white collar crime committed by 74 accused, including Jagan, and so far chargesheets have been filed against 24 accused. All the accused in custody (industrialist N Prasad, senior bureaucrat KV Brahmananda Reddy) have revealed certain glaring facts about the case and we have to confront Jagan on the information provided," the CBI counsel claimed.

CBI has sent Letters Rogatory to Mauritius and Luxembourg to get more information as there were alleged investments to the tune of several crores in Sandur Power by Jagan.

"Luxembourg-based Asian Infra is suspected owner of Sandur Power," the agency submitted.

There are similar transactions in the "exclusive knowledge" of Jagan which will be known only after getting his custody, the CBI counsel said.

"Jagan got enriched enormously in a short span of four years after influencing his father Rajashekhar Reddy, the then chief minister of Andhra Pradesh in getting ill gotten money into his own firms from investors who doled out favours as part of quid pro quo," the counsel alleged.

"Some investing companies got alloted thousands of acres of agriculture land in turn of investments after Jagan influenced his father," the agency further alleged.

Further investigations need to be carried out on the role of Jagan with regard to the influence made on his father, the agency said.