|Chennai||Rs. 25020.00 (0.81%)|
|Mumbai||Rs. 25890.00 (0.98%)|
|Delhi||Rs. 25200.00 (-0.2%)|
|Kolkata||Rs. 25480.00 (1.03%)|
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|Hyderabad||Rs. 25080.00 (1.09%)|
YSR Congress Party president Y S Jagan Mohan Reddy, who was arrested by the Central Bureau of Investigation (CBI) on Sunday in the alleged quid pro quo investments case, has been remanded to 14 days of judicial custody, till June 11.
After hearing counsel for CBI and Jagan, as the Lok Sabha member from Kadapa is popularly known, the judge said jail remand was needed, as the accused was in a position to influence witnesses and tamper with evidence if he went free. However, he dismissed the application for police custody of Jagan, filed by the CBI. He was sent to a local prison, where the other high-profile accused in the ongoing cases were also spending their time.
Earlier in the day, the Union government’s additional solicitor general, Ashok Bhan, who appeared for CBI, said the accused had amassed ill-gotten money for personal enrichment, as well as in the form of investments into his companies, including re-routing some of his own funds via companies in Mauritius into his firms.
Citing s instances, the CBI counsel said Jagan had not only ensured the flow of a little over Rs 1,200-crore of investments into his firms but also got Rs 300 crore for personal enrichment through various deals in which the government headed by his father, the late Y S Rajasekhara Reddy, doled out concessions to companies, including allotment of land at a discount.
Jagan’s lawyers, however, termed the arrest an attempt to keep him away from the political campaign for the ensuing by-elections to 18 Assembly and one Lok Sabha seats in the state.
Interestingly, the cyber news space on Monday was dominated by the news of Jagan's arrest and it overtook the news of the historic win of Kolkata Knight Riders in the IPL. Google news had 72,800 news stories featuring Jagan in just 30 seconds, while Kolkata Knight Riders had a little above half at 37,700 in 38 seconds time.