BCCI chief grilled in Jagan assets case

HYDERABAD — The Central Bureau of Investigation (CBI) officials on Monday grilled the Chairman of the Board of Control for Cricket in India (BCCI) N Srinivasan, who is also the Managing Director of India Cements Limited, in connection with the disproportionate assets case against YSR Congress President Y S Jaganmohan Reddy.

By P S Jayaram

Published: Wed 20 Jun 2012, 12:21 AM

Last updated: Fri 3 Apr 2015, 11:44 AM

The questioning at the CBI’s camp office in Hyderabad, which went on for over six hours, was primarily focused on the “quid pro quo investments” allegedly made by India Cements in the business ventures floated by Jagan, sources said.

The CBI had issued a notice to Srinivasan earlier this month asking him to appear before it to explain the charge of investments made by India Cements in return for favours the company got from Jagan’s father and former Chief Minister late Y S Rajasekhar Reddy.

According to the FIR filed by the CBI, the Chennai-based cement company had invested Rs1.35 billion in Bharati Cements and Jagati Publications owned by Jagan in return for the benefits it got from the previous government.

India Cements, which has two production units in Andhra Pradesh, had received favours in the form of enhanced water allocations to enable them double their production. In return, the company made huge investments in Jagan’s business ventures.

A spokesman of the company, however, asserted that the water allocation to the cement units was as per industrial policy of the state government.

The CBI has already questioned the state Minister P Lakshmaiah who, as Major Irrigation Minister under YSR, had issued the GOs in 2008 pertaining to the allocation of water from Kagna and Krishna rivers to the India Cements units in Ranga Reddy and Nalgonda districts.

While the allocation for Nalgonda plant was enhanced from three lakh gallon to 1 million gallon per day, the same was raised from three lakh gallon to 1.3 million gallon per day for the plant in Ranga Reddy district.

India Cements figures among the 74 accused named by the CBI in the illegal assets case.


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