The FIR filed against YSR congress party chief YS Jaganmohan Reddy in the alleged illegal wealth case has outlined the details of investments made into Jagan group by various companies and persons after obtaining favours from the government.
The FIR said almost all persons and companies which invested in Jagan companies were his benami investors who gained favours from the government. The FIR says that Jagathi Publications Ltd, which accumulated losses of Rs.349 Cr, continued to receive investments from persons who gained favours from the government. “Even before Jagathi Publications started its commercial operations, the investors bought its shares at a uniform premium of Rs 350 per share. The total investments pumped into this loss making company crossed Rs.1246 Cr.” says the FIR.
Going into the details, the FIR says that the Nimmagadda Prasad group of companies, which was allotted 15,000 acres in Prakasam district for the Vanpic project in violation of all norms, had invested Rs 100 Cr in Jagathi Publications.
The Hetero Group of companies, which was allotted 240 acres for a SEZ at Nakkapalli in Visakhapatnam district and another SEZ at Jedcherla in Mahbubnagar district, invested Rs.4 Cr in the company. Aurobindo pharma group was allotted a SEZ at Nakkapalli and later it invested Rs 10 Cr in the company.
Similarly, Pioneer Infrastructure Holding Ltd, owned by congress leader P Pratap Reddy and a close confidant of YSR, had invested Rs 20 Cr after obtaining various contracts with favourable terms.
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Facts Jagan or his men can’t deny
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The Penna Cements group, again a company of Pratap Reddy, was given limestone mining lease of 304.74 hectares in Kurnool district, as well as another limestone license for 822.13 acres in Ranga Reddy district. This company invested Rs. 45 Cr in Jagathi Publications and Rs 23 Cr in Carmel Asia Holdings, both owned by Jagan.
PVP Business Ventures was allowed to buy about 595 acres in Saroonagar mandal of Ranga Reddy district by indulging in a scandalous deal. The company later invested Rs. Rs 146.97 Cr in Jagathi Publications.
In the same manner, India Cements and the Lanco Group invested Rs.40 Cr and Rs.30 Cr respectively in the Jagathi Publications after obtaining favours from the Government. The FIR says that Sajjala Group (OMC), B Purushotham Naidu Group and Ramana Reddy and Nagi Reddy of Sandesh Labs and others had also invested Rs.49 Cr, Rs 45 Cr, and Rs 28 Cr respectively in the Jagathi Publications for favours obtained from Government.
The FIR further says that the RR Global Enterprises has the same registered address as the Jagathi Publications, and the company was allowed to carry out illegal iron ore mining in return for investment in Jagathi Publications. The mining license of RR Global has since been suspended later, according to the FIR.
