The Andhra Pradesh High Court has reserved orders on the bail petition of Kadapa MP, Mr Y.S. Jaganmohan Reddy, till July 4 in the illegal assets case.
On the last day of arguments here on Thursday, the Central Bureau of Investigation contended that bail could not given as Mr Reddy had ‘committed an economic offence of higher order’.
The investigation by the Income-Tax Department had shown that various companies floated by Mr Reddy had received funds from Kolkata-based suitcase companies, counsel for CBI said.
The investigation was being done and different chargesheets were being filed on various aspects of the crime, he added. Mr Ram Jethmalani, counsel for Mr Reddy argued that the investigation was ‘politically motivated’.