This Article is From Jan 03, 2012

Arrested Jagan aide floated firms to park ill-gotten money: CBI

Arrested Jagan aide floated firms to park ill-gotten money: CBI
Hyderabad: The Central Bureau of Investigation (CBI), probing corruption allegations against Kadapa MP Y S Jaganmohan Reddy, today alleged that his financial advisor V Vijay Sai Reddy was the kingpin behind the conspiracy in parking ill-gotten money.

The CBI, which arrested Vijay Sai on Monday, in its remand report claimed that vital information pertaining to the case was in Mr Vijay Sai's knowledge.

Seeking his 14-day police custody, the central agency filed a petition stating that Mr Vijay Sai, vice-chairman of Jagati Publications Pvt Ltd (JPPL), facilitated the transfer of bribe money through various companies of JPPL.

"He (Vijay Sai) is kingpin behind the entire conspiracy in accommodating the ill-gotten money by floating fictitious and non-existing firms. He is also aware of the names of
persons/individuals who were shown as Director of the non-existing firms/ companies," the CBI alleged.

In its FIR against Jaganmohan Reddy and 73 others, including Vijay Sai, the CBI has alleged that various investors who are beneficiaries of public properties, licences among others invested in the companies promoted by Jagan at very high premiums as a quid-pro-quo to the favours doled out by former Andhra Pradesh Chief Minister late Y S Rajasekhar Reddy on his son's (Jagan's) influence.
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