Reports had earlier emerged that Jagan had earned disproportionate assets using his father YS Rajasekhar Reddy's name during his tenure as CM of Andhra Pradesh. [Read: YS Jaganmohan Reddy to be arrested?]
Jagan also holds the title of India's richest MP with assets worth Rs 365 crores. The office of the television channel, Sakshi TV, an extremely popular local channel has also been raided. The residence of IAS officer BP Acharya is also being raided at the moment.
The CBI raids are underway on orders by the Andhra Pradesh High Court who gave the investigative agency the go-ahead for the raids. Jagan has however approached the Supreme Court challenging the decision by the High Court.
A case was filed by the Textile Minister P Shankar Rao, who alleged that Jagan's assets swelled manifold during his fathers tenure as CM. Rao had also stated in his case that Jagan's assets were worth Rs 11 lakh and increased to Rs. 43,000 crore by Sept 2009.