The investigation agency opposed Srinivasan’s plea to the HC to quash proceedings against him.

Investment by Srinivasans India Cements into Jagans companies was bribe ED tells HCImage: PTI
news Court Friday, February 21, 2020 - 09:10

The Enforcement Directorate (ED) informed the Telangana High Court on Thursday that it had substantial evidence related to alleged money laundering by ex-Board of Control for Cricket in India (BCCI) President and India Cements Managing Director N Srinivasan, in the YS Jagan Mohan Reddy quid-pro-quo case.

Submitting its counter to an interim plea by Srinivasan seeking that the case against him by ED be quashed, the investigation agency opposed the move and said that several investments to the tune of Rs 140 crore were made by India Cements into Jagan's companies, in violation of the norms.

The investments, which were made into Bharati Cements, Jagathi Publications and Caramel Company Ltd in 2007-2008, were a bribe for the benefits that India Cements allegedly unduly received from the Andhra Pradesh government, when Jagan’s father YS Rajasekhara Reddy was  the Chief Minister, the ED said in its counter.

When he moved court earlier this week, Srinivasan also sought orders from the High Court seeking exemption from personally appearing before a special court in Hyderabad that is hearing the case. Srinivasan's counsel argued that he was 75 years old and it was difficult for him to personally attend court. However, the HC did not grant him relief and posted the matter to April 15 for further hearing.

Jagan Mohan Reddy is accused of getting investments into his businesses by firms and individuals, in return for alleged undue favours shown to them by the former Andhra Pradesh government, when his father Y S Rajasekhara Reddy was the Chief Minister between 2004 and 2009.

The CBI arrested Jagan and sent him to jail on May 27, 2012. After 16 months in jail, he was granted bail. However, the YSRCP has denied the charges and maintained that the cases were slapped on him as 'political vendetta'.

Several former ministers and bureaucrats are also accused in the case.

Read: Jagan's quid pro quo case: Telangana HC denies relief to N Srinivasan

PTI inputs

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