CBI issues notice to firms invested in Jagan group

A multi-disciplinary team will investigate the allegations of illegal investments in the business empire of YSR Congress president and Kadapa MP Y. S. Jaganmohan Reddy.

The Central Bureau of Investigation began its preliminary investigations into Jagan's assets and investments made by various companies in his business empire, following a direction from the Andhra Pradesh High Court last week.

According to sources, if the CBI makes out a case for a detailed investigation, it will seek permission from the court to have the other investigating agencies enter the fray to probe various other allegations against Jagan.

The income tax department has already issued notices to Jagan and 56 companies which had invested in his publishing house - Jagati Publications.

The CBI has issued notices to 20 companies which invested in Jagan's business firms and asked them to furnish information about their investments by Monday evening. Firms that received the notice include names such as Hetero Pharma, Matrix Labs and the Ramky Group.

Sources said based on the information these companies would give, the CBI would seek permission from the court for a detailed probe.

"Once it gets court's permission, the CBI would conduct raids on Jagan's business empire and seize the records. It would also summon the authorities for interrogation. It might happen any time in the next couple of weeks," the source added.