Jagan's assets case: Vijay Sai Reddy gets conditional bail

Jagan's assets case: Vijay Sai Reddy gets conditional bail
Hyderabad A special CBI court today granted conditional bail to Jagati Publications Pvt Ltd (JPPL) vice-chairman V Vijay Sai Reddy, arrested by the CBI in connection with alleged disproportionate assets case of Kadapa MP YS Jaganmohan Reddy.

Judge Nagamaruti Sarma allowed Vijay Sai's bail plea and directed that he be enlarged on bail on his execution of a bond for Rs 25,000 with two sureities of like amount.

Vijay Sai was also asked to surrender his passport and was further directed that he should be available before CBI for the investigation and should not directly or indirectly make any inducement, threat or promise to any person acquainted with the case so as to dissuade him from disclosing such facts to the court or to tamper with the evidence.

CBI Deputy Legal Advisor requested the court to keep its order in abeyance till April 17 and submitted that Vijay Sai, the second accused in the case, may tamper with witnesses and also interfere with further investigation on other allegations, which are in progress.

However, the judge dismissed the CBI plea to stay the operation of its order.

Vijay Sai, also financial advisor of Jagan's Group of companies and family auditor of former Andhra Pradesh Chief Minister late Y S Rajasekhara Reddy, was the first person to be arrested in the case against Jagan in January this year.

On March 31, the CBI had filed its chargesheet against Jagan and 12 others including Vijay Sai in the case. Jagan was accused of getting investments of several crores of rupees from firms into his own businesses as part of quid-pro-quo, when his father was the chief minister.

The Central agency had earlier alleged that Vijay Sai, the financial advisor of Jagan, was the kingpin behind the conspiracy in accommodating the "ill-gotten" money by floating fictitious firms.

Story First Published: April 13, 2012 20:48 IST

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