The Central Bureau of Investigation in its FIR (first information report) on the disproportionate case against Mr Jagan Mohan Reddy, MP and Y.S Rajasekhara Reddy, former Chief Minister of Andhra Pradesh, has named Mr Jagan as the prime accused and termed several corporate entities and real estate companies as co-accused.
The corporate entities include India Cements, Dalmia Cements, Ramky Estates, Mantri Developers. Mr Nimmagada Prasad, former founder of Matrix Laboratories and an angel investor, who had invested in Jagan-promoted ventures, including Jagathi Publications, printer of Sakshi daily, has also been named.
In another case relating to Emaar Properties, Mr B.P.Acharya, former chairman and managing director of Andhra Pradesh Industrial Investment Corporation Ltd (APIIC); Emaar Properties PJSC, Dubai, represented by its directors; Emaar Hills Township, Emaar MGF, Stylish Homes Real Estate and officials of Government of Andhra Pradesh have been made co-accused.
The CBI had registered a case against Mr Jagan on the directions of the Andhra Pradesh High Court under the provisions of Indian Penal Code relating to criminal conspiracy, cheating, and criminal breach of trust and also under the provisions of the Prevention of Corruptions Act. These cases had come up in the Court based on petitions filed by Mr P.Shankar Rao, State Textile Minister, and TDP leader, Mr Yarran Naidu, seeking probe into financial transactions Mr Jagan had while creating illegal assets.