Corruption king - Y. S. Jaganmohan Reddy

Jagan is an Indian politician and is a member of the Parliament of India from Kadapa constituency. He is the son of the former Chief Minister of Andhra Pradesh, Y.S. Rajasekhara Reddy. Jaganmohan Reddy was born December 21, 1972 in Pulivendula village of Kadapa District, Andhra Pradesh. He received his early education from Pulivendula and Hyderabad Public School. He founded the daily Telugu language newspaper Sakshi and the television channel Sakshi TV. He is the chief promoter of Bharathi Cements. Reddy is a Protestant Christian.

Corruption charges:

          Y.S.R. Reddy's election declaration of 2004 included tax returns showing Jagan's assets at Rs. 9.2 lakh, out of total family assets of Rs. 50 lakhs. In April 2009, Jagan revealed total assets of Rs. 77 crores, and by 2011 this has allegedly increased to amount Rs. 365 crore.

In August 2011, the Andhra Pradesh High Court, based on preliminary report by the CBI, ordered a thorough probe. In addition to the CBI, the Comptroller and Auditor General (CAG) and the Indian Revenue Service (IRS) have been probing the corruption charges.

Crores of rupees were spent by rebel Andhra Pradesh Congress leader Y.S. Jagan Mohan Reddy, more popularly known as simply Jagan, on his recently concluded Odarpu Yatra, which covered most of rural Andhra Pradesh, lasted for months and drew huge crowds. Where did the money come from? Jagan recently paid an advance tax of Rs.84 crore for the first six months of 2010-11 on a projected annual income of around Rs.500 crore.

"Even Bill Gates' income has not grown by such leaps and bounds," says TDP leader and former finance minister Yanamala Ramakrishnudu. Sources in Hyderabad allege that Jagan and wife Bharathi Reddy's assets-both movable and immovable, held in their own names and those of Jagan's sister Sharmila and her evangelist husband Brother Anil Kumar-amount to a staggering Rs.5,000 crore.

Jagan's wealth increased exponentially once his father became chief minister. The junior Reddy began his business career by bagging contracts worth Rs.25 crore for mini-hydroelectric projects in Karimnagar, Andhra Pradesh, and Shimoga, Karnataka. He also bought 487.20 acres of land at Rs.1 lakh an acre to mine limestone at Thippalur and Nallingapalli in Kadapa district. Jagan's wealth comes mainly from three entities-Sandur Power Co. Ltd which he took over from promoter M.V. Ghorpade in 2001, Bharathi Cement Corporation Ltd (BCCL), Jagati Publications, incorporated in 2006, which rolls out the Telugu daily Sakshi, and Indira TV that owns Sakshi TV. A network of closely held family companies has cross-holdings in Sandur and Jagati.

Ramky Group promoter Ayodhya Rami Reddy, who bought 55,555 Jagati shares, was allotted land for a special economic zone at Visakhapatnam along with various irrigation projects.

Nimmagadda Prasad, founder-promoter of Matrix Laboratories, bought Sandur and Jagati shares. In return, a port company in which he is a partner was allowed to develop three port projects in the state.

Jagan's business strategy, devised by competent financial advisers led by accomplished Chennai-based auditor V. Vijaya Sai Reddy, is to make huge profits by offloading company shares to mobilise funds, which are later invested in new projects. For Sandur Power, Jagan raised Rs.134 crore in 2003-Rs.40.20 crore as equity and Rs.93.80 crore as loans. IDFC gave a loan of Rs.36.80 crore, the State Bank of Mysore Rs.25 crore and Andhra Bank Rs.32 crore.

By the time YSR became chief minister again in 2009; Jagan had spent Rs.107 crore on Sandur. Once it started operations, he decided to make Sandur debt-free and began to look for private investors. He hired the valuation firm S.S. Kantilal Ishwarlal Securities Pvt. Ltd, which valued the company at Rs.370 crore. Jagan then raised Rs.124.60 crore by selling 32.7 per cent of his stake in Sandur to two Mauritius-based corporations-2i Capital PCC and Pluri Emerging Companies PCC. The premium on an Rs.10 share was Rs.61. "I would have earned big money by disinvesting, but I didn't do it," says Jagan. "Those who go in for disinvestment prefer to undervalue. I enhanced the company's equity, even though it meant I would be holding a lesser share." By March 2006, Sandur had repaid all outstanding loans.

 

                The evidence unearthed includes direct favors given to companies who invested with Jagan Reddy's companies.

CBI DIG H. Venkatesh informed the Supreme Court that “India Cements made illegal quid pro quo investments to the tune of Rs 140 crore into the group companies of Y.S. Jagan Mohan Reddy". In return, they received benefits such as permission to draw extra out-of-norm water from rivers and lease of land. However, India cements CEO N. Srinivasan, who is also the BCCI chief, subsequently stated that these investments had returned a profit when Raghuram Cements (later Bharti Cement) was purchased by French firm Vicat.

During an Income Tax raid at the residence of a manager of Dalmia Cement which invested Rs. 95 crore in the Jagan Company Raghuram Cements, IRS official Vikram Singh Sharma stated that. They had recovered a pen drive containing the details of cash payments apparently made to Mr. Jaganmohan Reddy in the acronyms of “JR a/c, Sh. JR, J. Reddy acct and J.R. A/C”

Where do these assets came from:

Details of Movable Assets

Sr No	Description	self	spouse	dependent1	dependent2	dependent3
i	Cash	12,46,482  12 Lacs+	3,43,663  3 Lacs+	Nil	Nil	Nil	Rs 15,90,145  15 Lacs+
ii	Deposits in Banks, Financial Institutions and Non-Banking Financial Companies	Saving bank 5,52,00,531  5 Crore+	Saving bank 56,46,291  56 Lacs+	Nil	Nil	Nil	Rs 6,08,46,822  6 Crore+
iii	Bonds, Debentures and Shares in companies	Sandur Power Company Ltd. 1,43,20,59,286  143 Crore+ Saraswati Power & Industries Pvt. Ltd. 21,68,92,250  21 Crore+ Carmel Asia Holding Pvt. Ltd. 8,00,000  8 Lacs+ Bharathi Cement Corpotaion ltd. 36,06,96,850  36 Crore+ Kealawn Technologies Private Limited 13,98,11,000  13 Crore+ Marvel Infrastructure Pvt. Ltd. 3,05,000  3 Lacs+ Classic Reality Private Limited 65,16,25,000  65 Crore+ Silicon Builders Pvt. Ltd 2,86,71,500  2 Crore+ Swasti Power Engineering Ltd. 1,00,000  1 Lacs+ Classic Reality Pvt. Ltd. 68,50,00,000  68 Crore+ Saraswati Power & Industries Pvt. Ltd. 8,00,00,000  8 Crore+	Sandur Power Co. Ltd. 1,000  1 Thou+ Saraswati Power & Industries Pvt. Ltd. 13,80,00,000  13 Crore+ Kealawn Technologies Pvt. ltd. 2,15,19,993  2 Crore+ Silicon Infrastructure Pvt. Ltd. 2,99,900  2 Lacs+ Silicon Builders Pvt. Ltd. 3,49,900  3 Lacs+ Bhagavath Sannidhi Estates Pvt.ltd. 91,28,000  91 Lacs+ Shalom Infrastructure Pvt. Ltd. 4,50,98,000  4 Crore+ Inspire Hotels Pvt. Ltd. 2,08,000  2 Lacs+ Nivish Infrastructure Pvt. Ltd. 2,13,000  2 Lacs+ Harish Infrastructure Pvt. Ltd. 98,000  98 Thou+ Himurja Infra Pvt. Ltd. 4,00,00,000  4 Crore+ Aakash Estates Pvt. Ltd. 10,24,00,001  10 Crore+ Mutual Funds(cost. 2600000) 27,94,121  27 Lacs+	Nil	Nil	Nil	Rs 3,95,60,70,801 395 Crore+
iv	(a) NSS, Postal Savings etc	Nil	Nil	Nil	Nil	Nil	Nil
	(b) LIC or other insurance Policies	Premium paid 7,08,631  7 Lacs+	Premium 56,96,207  56 Lacs+	Nil	Nil	Nil	Rs 64,04,838  64 Lacs+
v	Personal loans/advance given	11,13,653  11 Lacs+	6,24,419  6 Lacs+	Nil	Nil	Nil	Rs 17,38,072  17 Lacs+
vi	Motor Vehicles (details of make, etc.)	Nil	Nil	Nil	Nil	Nil	Nil
vii	Jewellery (give details weight value)	667.300gm of gold & diamond  20,56,991  20 Lacs+	8938 gms of gold & diamond 3,80,60,314  3 Crore+	Nil	Nil	Nil	Rs 4,01,17,305  4 Crore+
viii	Other assets, such as values of claims / interests	Other 5,68,350  5 Lacs+	Other 28,66,000  28 Lacs+	Nil	Nil	Nil	Rs 34,34,350  34 Lacs+
Gross Total Value (as per Affidavit)		3,65,68,55,224  365 Crore+	41,33,46,809  41 Crore+	Nil	Nil	Nil	Rs 4,07,02,02,033 407 Crore+
Totals (Calculated as Sum of Values)		Rs 3,65,68,55,524  365 Crore+	Rs 41,33,46,809  41 Crore+	Nil	Nil	Nil	Rs 4,07,02,02,333 407 Crore+

Details of Immovable Assets

Sr No	Description	self	spouse	dependent1	dependent2	dependent3
i	Agricultural Land	Andhra Pradesh Kadapa Dist. Idupulapaya, Vempally Mandal, SY.No.521,524,518,409,407,411/2,412((a) 37.01 Acres on 24th & 25th January 2008, (b) 5.43 Acres Purchased on 24th January 2008 Total Area 42.44 Acres  Whether Inherited N Purchase Date 0000-00-00 Purchase Cost 635500.00 Development Cost 0.00 13,89,580  13 Lacs+	Karnataka Shimoga Dist. Hosanagara S.NO.168/P1 Total Area 9 Acres Whether Inherited N Purchase Date 2003-12-04 Purchase Cost 219555.00 Development Cost 0.00 5,40,000  5 Lacs+ Karnataka Udupi Dist. Shankaranarayana S.No.17/2.3.6 Total Area 0.37 Acres Whether Inherited N Purchase Date 2003-11-27 Purchase Cost 43550.00 Development Cost 0.00 33,670  33 Thou+ Andhra Pradesh Kadapa Dist. Pulivendula Mandal, Yerragudipalle Sy No.70/2 & 70/3 Total Area 0.95 Acres Whether Inherited N Purchase Date 2011-03-23 Purchase Cost 104000.00 Development Cost 0.00 1,04,000  1 Lacs+ Andhra Pradesh Kadapa Dist.Pulivendula Mandal, Kachivaripalle Sy.No.58/2 Total Area 1 Acres Whether Inherited N Purchase Date 2011-03-30 Purchase Cost 109500.00 Development Cost 0.00 1,09,500  1 Lacs+	Nil	Nil	Nil	Rs 21,76,750  21 Lacs+
ii	Non Agricultural Land	Andhra Pradesh Kadapa Dist. Bakarapuram Village Pulivendula Mandal Sy.No.48/1 Total Area 4.86 Acres Whether Inherited N Purchase Date 1999-10-08 Purchase Cost 82500.00 Development Cost 0.00 1,88,17,920  1 Crore+ Andhra Pradesh Kadapa Dist. Bakarapuram Village Pulivendula Mandal Sy.No.52/1, Gift from Father & Ohters Total Area 5.50 Acres Whether Inherited N Purchase Date 2006-05-23 Purchase Cost 0.00 Development Cost 0.00 2,12,96,000  2 Crore+	Andhra Pradesh Kadapa dist. Pulivendula Mandal, Bakarapuram Sy.No.49/3 & 50/1, Gift from Father & other Total Area 19.45 Acres Whether Inherited N Purchase Date 0000-00-00 Purchase Cost 0.00 Development Cost 0.00 7,46,69,920  7 Crore+ Andhra Pradesh RR Dist., Serilingampally, Raidurga Panmuktha Village Total Area 22507 Sq.ft Whether Inherited N Purchase Date 2005-12-22 Purchase Cost13691285.00 Development Cost 0.00 4,50,12,420  4 Crore+	Nil	Nil	Nil	Rs 15,97,96,260 15 Crore+
iii	Commercial Buildings	Andhra Pradesh Hyderabad Road No.2 Banjara Hills H.NO.269/S/98, land-16335 sq.ft Total Area 37415 sq.ft Whether Inherited N Purchase Date 2008-12-02 Purchase Cost 0.00 Development Cost 61233230.00 14,88,37,873  14 Crore+ Andhra Pradesh Hyderabad Sagar Society Road No.2 Banjara Hills H.No.8-2-269/S/98, Land -3582 sq.ft Total Area 4257 sq.ft Whether Inherited N Purchase Date 1993-11-09 Purchase Cost 248840.00 Development Cost 5997342.00 1,89,60,720  1 Crore+	Andhra Pradesh Kadapa dist, Pulivendula SY.No.152/B1(Gift from YS Ravindranath Reddy & CV Subba Reddy Total Area 63845 sq.ft Whether Inherited N Purchase Date 1996-12-23 Purchase Cost 0.00 Development Cost 0.00 80,86,365  80 Lacs+ Andhra Pradesh Kadapa Dist. Pulivendula Sy.No. 153/4 (Gift from YS Ravindranath Reddy Total Area 4317 Sq.ft Whether Inherited N Purchase Date 2002-06-14 Purchase Cost 0.00 Development Cost 0.00 54,95,280  54 Lacs+ Andhra Pradesh Kadapa Dist. Pulivendula Sy.No. 152/1A,152/2,152/3,153/5 & 153/8 Total Area 2552 sq.ft Whether Inherited N Purchase Date 2006-06-14 Purchase Cost 1785650.00 Development Cost 0.00 23,43,183  23 Lacs+	Nil	Nil	Nil	Rs 18,37,23,421 18 Crore+
iv	Residential Buildings	Andhra Pradesh Kadapa Dist. Bakarapuram Village Pulivendula Mandal SY.No.4/3, Land Gift from Father Total Area 289674 sq.ft Built Up Area 30430 sq.ft Whether Inherited N Purchase Date 2009-03-13 Purchase Cost 0.00 Development Cost 15400000.00 4,11,48,800  4 Crore+	Nil	Nil	Nil	Nil	Rs 4,11,48,800  4 Crore+
v	Others	Nil	Nil	Nil	Nil	Nil	Nil
Total Current Market Value of (i) to (v) (as per Affidavit)		25,04,50,893  25 Crore+	13,63,94,338  13 Crore+	Nil	Nil	Nil	Rs 38,68,45,231 38 Crore+
Totals Calculated		Rs 25,04,50,893  25 Crore+	Rs 13,63,94,338  13 Crore+	Nil	Nil	Nil	Rs 38,68,45,231 38 Crore+

Details of Liabilities

Sr No	Description	self	spouse	dependent1	dependent2	dependent3
i	Loans from Banks / FIs	Nil	Nil	Nil	Nil	Nil	Nil
	Loans due to Individual / Entity	Nil	Nil	Nil	Nil	Nil	Nil
	Any other Liability	2,40,73,390  2 Crore+	7,71,39,995  7 Crore+	Nil	Nil	Nil	Rs 10,12,13,385 10 Crore+
	Grand Total of Liabilities (as per affidavit)	2,40,73,390  2 Crore+	7,71,39,995  7 Crore+	Nil	Nil	Nil	Rs 10,12,13,385 10 Crore+
ii	Dues to departments dealing with government accommodation	Nil	Nil	Nil	Nil	Nil	Nil
	Dues to departments dealing with supply of water	Nil	Nil	Nil	Nil	Nil	Nil
	Dues to departments dealing with supply of electricity	Nil	Nil	Nil	Nil	Nil	Nil
	Dues to departments dealing with telephones	Nil	Nil	Nil	Nil	Nil	Nil
	Dues to departments dealing with supply of transport	Nil	Nil	Nil	Nil	Nil	Nil
	Income Tax Dues	Nil	Nil	Nil	Nil	Nil	Nil
	Wealth Tax Dues	Nil	Nil	Nil	Nil	Nil	Nil
	Service Tax Dues	Nil	Nil	Nil	Nil	Nil	Nil
	Property Tax Dues	Nil	Nil	Nil	Nil	Nil	Nil
	Sales Tax Dues	Nil	Nil	Nil	Nil	Nil	Nil
	Any Other Dues	Nil	Nil	Nil	Nil	Nil	Nil
	Grand Total of all Govt Dues (as per affidavit)	Nil	Nil	Nil	Nil	Nil	Nil
	Totals (Calculated as Sum of Values)	Rs 2,40,73,390  2 Crore+	Rs 7,71,39,995  7 Crore+	Nil	Nil	Nil	Rs 10,12,13,385 10 Crore+

However these are all the things that he produced during the loksabha elections.

Doesn't even know how much will be his real ones

In 8 years flat he became a billionaire. His house in Yelahanka , Bangalore in 22 acres of land is worth 300 crores. This is in addition to a posh home in Hyderabad.

Jagan’s residence is situated in a 32-acre spread, in the upmarket Banjara Hills area. Not many could enter the building since the raids on Jagan’s establishments began on Thursday morning as it was under a cover of tight security. But the sources said it was nothing less than a palace!

“It is spread in a place double the size of the international cricket stadium in Hyderabad,” the source said. It was also said that there was a plan to construct a helipad on the premises and Jagan was thinking of buying a helicopter. Unofficial estimates pegged the cost of the building including its interiors at close to Rs350 crore.

In 2009 Jagan paid a paltry 2.92 lakhs income tax. His wife Bharati has immense wealth in her name.

YSR's daughter and Jagan's sister Sharmila's husband Evangelist Anil Kumar was caught for a racket in November 2001. An illegal international calls racket was busted in Hyderabad following a complaint by the BSNL that some telephone booth operators were misusing the services of a private telecom company to terminate incoming international voice calls bypassing the VSNL gateway and BSNL network.  

The police booked cases pertaining to the violation of the Indian Telegraphic Act and Section 420 of the IPC against four persons, including pastor Anil Kumar who surrendered to the police. In March 29 last year, police raided a guesthouse in Karimnagar and found Rs 10.40 lakh in cash with three pastors who said that they were waiting for Anil Kumar.

YSR gave Bayyaram iron ore mines in Khammam to his daughter's husband, our christian preacher Anil Kumar which is worth of 25 lakh crore. He runs the iron ore mines and start steel plant through benamis -Rakshna steels.  

When CPI and TDP have demanded into probe for such allotments, Rosaiah cancelled leases of Bayyaram mining. Our holy preacher is also the principal partner in the Athena power projects where Jagan has also stakes with project worth of multi- thousand crores. 

What does the cbi concludes finally?

The CBI is likely to take cognisance of a file prepared by the ruling Congress government that reportedly puts assets of Y S Jagan Mohan Reddy far in excess of what has been reported.

The file was prepared after six ministers who also served in the YSR Cabinet came under CBI scrutiny for alleged role in alloting land and mining leases and granting favours to companies preferred by Jagan.

The file has found its way into offices of opposition parties, including the TDP, and the latter claims that the case made out by the CBI in its three charge-sheets so far against Jagan and his aides is just the tip of the iceberg.

According to the TDP, the YSR Congress chief owns 94,038 acres of land, valued at Rs 33,935 crore, and possesses mining leases for over 1,81,079 acres of land with a total turnover of Rs 16,63,400 crore.

Some claims in the file:

Jagan is the actual owner of 822 acres of limestone mines allotted to Penna Cements. The reported turnover: Rs 3,600 crore.

Jagan owns 250 acres worth Rs 500 crore in the name of Tanla Solutions in Ranga Reddy district.

Owns 750 acres in Indu, Stargage, Brahmani SEZ worth Rs 1,500 crore; and 595 acres in Nadargul in Ranga Reddy district worth Rs 1,800 crore.

Owns 800 acres of limestone mines in Kurnool through Penna Cements worth Rs 3,000 crore.

About 329 acres of land allotted to OMC and Anantapur Mining Company owned by Gali Janardhana Reddy are owned by Jagan and the land is valued at Rs 10,000 crore.

Industrialist Indu Syam Prasad Reddy, an associate of Jagan, was allotted 8,844 acres to set up the Lepakshi Knowledge Hub at Anantapur and the land is valued at Rs 1,000 crore.

Most of all he bags 

16,97,335 crore

So, is he a common man or a corruption king.