Thaindian News

Hyderabad, Aug 23 (IANS) The Central Bureau of Investigation (CBI) Tuesday briefed a special court here of the progress made in two cases relating to the alleged illegal assets of Y.S. Jaganmohan Reddy and the irregularities committed by Emaar Properties in developing a township project in Hyderabad.

CBI officials said they submitted details of the searches conducted and material seized in the two cases last week. The court hearing the CBI cases was given a list of the places searched and the documents seized.

CBI Joint Director V.V. Lakshminarayana also separately called on the metropolitan sessions judge to discuss the setting up three special courts, sanctioned recently. The new courts may hear the Jagan and Emaar cases.

Meanwhile, six teams constituted by CBI continued to scrutinize and digitize the documents seized during searches at the residences of Jagan, offices of his companies, individuals and firms which invested in his businesses. Two other teams are going through the material seized in the Emaar case.

The investigating agency after scrutiny of the documents would call important individuals for questioning. Lakshminarayana, who is heading the probe, said the teams would take further action after gathering evidences.

The CBI took up the investigations in both the cases on the directions of the Andhra Pradesh High Court, which heard the petitions filed by a state minister and some leaders of opposition Telugu Desam Party.

The petitioners alleged that Jagan amassed huge wealth between 2004 and 2009 when his father Y.S. Rajasekhara Reddy was the chief minister.

According to FIR registered by CBI, Jagan conspired with his father to dole out favours to companies which made huge investments in his businesses in a quid-pro-quo arrangement.

A case of cheating, criminal conspiracy and falsification of accounts and under various sections of Prevention of Corruption Act has been booked against Jagan and 74 others.

Dubai-based Emaar and others were also booked on the same grounds. The firm allegedly diluted the equity of Andhra Pradesh Industrial Infrastructure Corporation (APIIC) in a township project being developed in a joint venture, causing huge losses to the public exchequer.