Confiscates documents pertaining to businesses and investments
Confiscates documents pertaining to businesses and investments
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Two teams of the Central Bureau of Investigation (CBI) raided Y S Jagan Mohan Reddy's residence in the city and confiscated several documents pertaining to his business and investments.
This raid was planned to coincide with simultaneous ones conducted by the CBI at Jagan's houses and business ventures across Andhra Pradesh, Maharashtra and Karnataka, where he is operating his business ventures.
The officials have also raided Mantri Mall in Malleshwaram, where Jagan is said to have some stake. This action is expected to bring fresh problems for Jagan, as he has already been facing the heat from the congress led AP government after he broke away from Congress and floated his own party under the banner YSR Congress party.
Just the start
Meanwhile, the AP government has ordered a CBI probe on disproportionate assets leading to raids on his business ventures. Around 20 teams conducted raids at various locations in Hyderabad, Bangalore and Mumbai to accumulate all possible evidence about his disproportionate assets to build a strong case against him.
According to sources in the department, Jagan was involved in financial irregularities running into several thousand crores. With Jagan and his new political outfit gaining popularity, Congress was losing hold. But these raids are expected to cause a set back to his political agenda.
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