A city court on Tuesday remanded till January 17 Jagathi Publication’s Vice-chairman, Vijay Sai Reddy.
CBI arrested him on Monday in connection with the alleged disproportionate assets case of Kadapa MP YS Jagan Mohan Reddy.
Vijay Sai Reddy was taken into custody by a CBI team led by Superintendent of Police H Venkatesh after questioning him for about nine hours.
He is charged under sections 120 B (criminal conspiracy), 420 (cheating), 409 (criminal breach of trust by a public servant), 477 (A) (Falsification of accounts) of the IPC and section 13 (2) read with 13 (1) D of the Prevention of Corruption Act.
After the arrest, the CBI conducted searches at Vijay Sai Reddy’s house at Filmnagar, Jagati Publications office at the Sakshi building, Banjara Hills and he was later taken to taken to Krishna Sindhu Residency in Banjara Hills.
The CBI in its FIR has named Vijay Sai Reddy, financial advisor of several companies owned by YS Jagan Reddy, as the second accused. The CBI in its FIR has alleged that the first accused, YS Jagan, conspired to roll out public assets to private investors and got investments into his companies on a quid pro quo basis. Vijay Sai Reddy has been accused of covering up those illegal transactions.
Vijay Sai Reddy was questioned over 40 times in the last five months in connection with YS Jagan Reddy’s alleged illegal assets case. (INN)
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