The CBI officials today raided the houses and offices of Mr Srinivasa Raju, Director of Saraswathi Power Ltd, in Hyderabad in connection with the case registered against YSR Congress party president YS Jaganmohan Reddy for allegedly possessing illegal wealth.

Searches were going on in areas of Srinagar colony and Krishna Nagar in the city when reports last came in. Mr Raju invested huge amounts in the Jagathi Publications and also in Sundur Power owned by Jagan after receiving some favours from the Government during the YSR regime.

It is said that he was a key person in the transfer of funds to the Jagan companies from foreign countries. He seems to be facing the charges for violating the rules of Foreign Exchange Act.

The CBI has continued with its second round of raids for the second day today on Jagan companies and on individuals who invested in Jagan companies.