Not easy to fathom Jagan Mohan Reddy wealth

For the officials of the Central Bureau of Investigation (CBI), who have already seen tonnes of gold and cash stashed in the lockers of mining baron Gali Janardhan Reddy, the 75-room mansion of Kadapa MP YS Jagan Mohan Reddy had remained a tough nut to crack.

The officials were keen on getting the property located in the heart of Hyderabad at Lotus Pond valued to assess the wealth of former chief minister YS Rajasekhara Reddy’s son.
Finally, the CBI officials on Thursday landed at the bungalow with a team of expert valuers including those from the Greater Hyderabad Municipal Corporation.

However, the officials could not complete the valuation through the day. According to sources, it would take at least another day to assess the value of the property. “The building is huge and the valuers are used to buildings that have two or three bed rooms. So, it takes some more time to assess the actual value of the building,” a source said.

Jagan’s assets are currently under the Central Bureau of Investigation’s scanner following an Andhra Pradesh high court’s order to probe into the allegations of amassing of wealth by the former Congress MP particularly during the regime of his father at the helm of affairs in Andhra Pradesh.

Jagan is accused of entering into a quid pro quo arrangement with several investors, who were benefited during YSR regime by getting either irrigation projects or SEZ allotments.
A senior Congress member P Shankar Rao and a senior TDP member K Yerrannaidu had filed petitions in the high court seeking a probe into the assets. According to the petition, the assets are valued at about Rs43,000 crore.

At a time when the probe was to begin full stream, there were allegations of Jagan, who had staged a rebellion of sorts on the Congress leadership, entering into a pact with the party high command for not allowing the CBI to go aggressive with the probe.

Incidentally, the probe too had slowed down though the sources attribute that to the deployment of almost all the officials on unearthing evidence against Gali Janardhan Reddy, who is currently lodged in the central prison in Hyderabad.

However, the CBI is currently recording the statements of the bankers dealing the accounts of Jagan and his companies. According to sources, several bankers had queued up at the CBI office on Wednesday and Thursday.

Meanwhile, the income tax officials from Bangalore have filed an application in the CBI court in Hyderabad seeking the information gathered by the investigating agency on the assets of Jagan.
According to sources, the I-T officials of Bangalore too are probing the assets owned by Jagan in Karnataka.

The court has posted the petition filed by the Bangalore I-T officials to October 24.