YS Jagan Mohan Reddy led YSR Congress leader K. Raghurama Krishnam Raju’s company failed to repay the bank loan worth around Rs 948 crore.
YS Jagan Mohan Reddy led YSR Congress party (YSRCP) Member of Parliament (MP) candidate K. Raghurama Krishnam Raju’s residences have been searched by the Central Bureau of Investigation (CBI) on Tuesday (30th of April).
According to reports, Mr. Raju’s company Ind Barath group had taken loans worth over Rs 2,655 crore from 3 non-Banking financial companies Power Finance Corporation, Rural Electrification Corporation Limited and India Infrastructure finance Company Ltd.
But, Mr. Raju’s company defaulted in payments of Rs 948 crore which turned into non-performing assets.
The CBI officials had also registered a FIR (First Information Report) on the basis of which it carried out searches at 4 commercial premises and 2 houses of Raju.
YSR Congress chief YS Jagan Mohan Reddy is also facing 31 criminal cases in illegal assets case.
Mr. Jagan in the election Affidavit under the column ‘pending criminal cases’ declared that 31 criminal cases were pending against him with the Central Bureau of Investigation, Directorate of Enforcement and different police stations in Andhra Pradesh and Telangana.
In the 11 CBI cases, Mr. Jagan has been charged with cheating, criminal conspiracy, forgery, dishonesty, accepting bribe, inducing delivery of property, criminal misconduct, criminal breach of trust, prevention of Corruption and few more crimes.
In 7 ED cases, former Andhra Pradesh chief minister YS Rajasekhar Reddy’s son Mr Jagan has been charged with Money Laundering.
In 13 cases booked in Andhra Pradesh as well as Telangana police stations, Mr. Jagan has been charged with more than 20 different forms of offences recorded in the Indian Penal Code (IPC).
In police station of Pulivendula, several cases have been booked under 16 different sections of the Indian Penal Code and other criminal acts.
Different cases have also been booked against YS Jagan Reddy for rioting armed with deadly weapons, criminal intimidation, mischief causing damage to public property, and several other crimes.
Mr. Reddy was arrested by the CBI on illegal assets charges and his Judicial custody was extended repeatedly as the investigation proceeded.
The Supreme Court also dismissed his petition on 4 July 2012, 9 August 2012, and on 13 May 2013.