V. Vijay Sai Reddy, the second accused in the illegal assets case against Kadapa MP Y.S. Jaganmohan Reddy, was granted bail by a Special Court here on Friday. The Central Bureau of Investigation (CBI) had termed Sai Reddy a ‘kingpin’ in the case.
The court imposed certain conditions for bail and directed Sai Reddy to surrender his passport, not to leave Hyderabad without its permission, make himself available to CBI, not to threaten or influence any person acquainted with the facts of the case and submit a bond for Rs.25,000 along with surety of two persons.
The bail comes as a big relief to the financial advisor and auditor of Mr. Jaganmohan Reddy and as a boost to the Kadapa MP. Judge of the Special Court for CBI Cases, B. Nagamaruthi Sarama, dismissed a memo filed by the CBI, after the bail was pronounced, as a last-minute effort by the investigating agency to get the bail kept in abeyance at least till April 16. This paved the way for release of Sai Reddy from Chanchalguda jail later in the evening.
During the arguments on the bail petition earlier this week, the prosecution told the court that Sai Reddy played a key role in conversion of black money into white through investments into Jagathi Publications from foreign countries. It was also explained how he could influence investigation including the trail of letters rogatory sent to six countries.
The defence counsel said the charges against Sai Reddy did not hold much ground as only Rs.19.5 crore out of Rs.1,246 crore worth investments was tracked and opposed the prosecution view of the possible influence of the accused on investigation. Sai Reddy was arrested by CBI on January 2 and his bail petitions filed in the Special Court and the High Court before the charge-sheet was filed on March 31 were dismissed.
Dharmana deposes
Meanwhile, Minister for Roads & Buildings Dharmana Prasada Rao was examined by the CBI in the case on Friday for more than five hours in two spells. He told reporters that he was asked about some GOs including those related to VANPIC issued when he held the Revenue portfolio. He had told the agency whatever he knew.
–Agencies