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Thursday, August 18, 2011

SAKSHI SCAM: CBI begins searches in Jagan, Emaar cases!

For LEED Consultancy / IGBC Certifications, Green Building Design, Green Homes, Green Factory Buildings, Green SEZs, Green Townships & Energy Audits - / Last Updated: Thursday, August 18, 2011, 09:19.

CBI begins searches in Jagan, Emaar cases

Hyderabad: The Central Bureau of Investigation (CBI) Thursday began simultaneous searches at several places in the cases relating to alleged illegal assets of YSR Congress party chief YS Jaganmohan Reddy and irregularities in Emaar township project.

According to sources in CBI, about 20 teams began simultaneous searches at several places in Hyderabad, Bangalore, Chennai and Visakhapatnam.

Armed with search warrants from a special court, the CBI sleuths began the searches at the residences of Jaganmohan Reddy, IAS officer BP Acharya, businessman Nimmagadda Prasad.

Searches were also launched at the offices of the companies owned by Jagan, as the MP from Kadapa is popularly known, and the firms which invested in his businesses.

The searches began a day after CBI registered a First Information Report in both the cases on the direction of Andhra Pradesh High Court.

A team of 11 CBI officers started searching at the palatial residence of Jagan at Lotus Pond at Banjara Hills. Simultaneous search was also on at the residence of Prasad in Sainikpuri.

The first search began early in the day at the residence of Acharya in Mahindra Hills here. He was managing director of Andhra Pradesh Industrial Infrastructure Corporation (APIIC) when Dubai-based Emaar allegedly committed irregularities in developing a township project here.

Emaar, which was allotted land by APIIC, allegedly brought down the latter's equity in the joint venture and roped in another company without permission from APIIC, causing huge losses to public exchequer.

The CBI officers also launched the searches at the offices of Bharati Cement and Telugu daily and television channel Sakshi, owned by Jagan, son of late chief minister YS Rajasekhara Reddy.

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