CBI to probe Jagan ‘money laundering’

May 18, 2012 |

Hyderabad

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Widening its ambit, CBI’s probe into the disproportionate assets case against Y.S. Jagan Mohan Reddy is now also extending into possibilities of the Kadapa MP rerouting his own money through investors in his group companies. The CBI is said to be questioning the investors to find out if they received any unaccounted money from Mr Jagan Mohan Reddy or his operatives. The agency is verifying if the investors received the unaccounted money first, and subsequently invested in Jagan’s companies from their declared income to make it appear official.

The arrest of industrialist N. Prasad is an indicator that the probe has widened its ambit in this direction, indicate sources. They said Mr Prasad was repeatedly asked about receiving money through illegal channels. Mr Prasad has invested Rs 850 crore in Mr Jagan Mohan Reddy’s companies. “It will be a clear case of money laundering if evidence is found. It is a serious offence,” a source pointed out.

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