Andhra Pradesh: CBI tightens noose on Jagan Reddy

Written by: Ria
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YS Jagan Mohan Reddy
Hyderabad, Feb 25: The two accused Industrialists, AK Dandamudi and Madhav Ramchandran have given a statement in the local court that former Andhra Pradesh Chief Minister late YS Rajasekhar Reddy had asked them to invest in YSR Congress president YS Jagan Mohan Reddy's firms.

While, Dandamudi, a resident of Gunrock Enclave in Secunderabad invested Rs 10 crore, Ramchandran of Bengaluru had invested Rs 19.6 crore for Jagan's firms.

Ramacharan had said that when he met Rajasekhar Reddy in Dubai, Reddy had asked him to invest in his son's firms.

According to the first Information Report, Jagan was alleged by the CBI of laundering the bribe money by routing it through various individuals and firms. Jagan had also been alleged of receiving kickbacks from the companies, as reported in The Deccan chronicle.

Some other individuals have also invested money in Jagan's firms to the tune of Rs 60.3 crore, said sources. Meanwhile, Jagan's auditor V Vijay Sai Reddy was arrested by the CBI.

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