<p>The Supreme Court on Thursday dismissed the bail plea of YSR Congress chief Jaganmohan Reddy, accused of amassing illegal wealth running over Rs 3,000 crore, saying that his release would hamper the investigation into the irregularities perpetrated by him.<br /><br />A bench of Justices P Sathasivam and M Y Eqbal said Jagan, who had allegedly abused his father Y S Rajasekhara Reddy’s position as Andhra Pradesh chief minister, could influence witnesses and tamper with the evidence if released. The court also said economic offences had to be treated on a different footing as they posed a serious threat to the financial health of the country.<br /><br />Jagan, a Member of Parliament from the Kadapa district of Andhra Pradesh, has been in jail since May 27 last year.<br /><br />The court also allowed a CBI plea to cancel the bail granted to V Vijay Sai Reddy, a close associate and financial adviser to the group of companies run by Jagan. Nimmagadda Prasad, a co-accused who has been in jail since May 15 last year, was also denied bail. <br /><br />Prasad is accused of investing Rs 854.50 crore in Jagan’s companies in lieu of 18,878 acres being allotted to him. Jagan challenged an order passed by the Andhra Pradesh <br />High Court on January 24 rejecting his petition to release him on bail. Opposing Jagan’s plea, the Central Bureau of Investigation (CBI) filed a status report before the court, saying that the investigation into the payments made into Jagan’s companies as a quid pro quo by different companies, including Dalmia Cements (Bharat) Ltd, Sandur Power Company Ltd and India Cements Ltd, as well as the granting of mining lease to Bharti Cements/Raghuram Cements was still in progress, and would take four to six months to complete. Directing the probe agency to file charge sheet in those cases within four months, the court said: “We are of the view that the apprehensions raised by the CBI cannot be taken lightly, considering the claim that the appellant is the ultimate beneficiary and the prime conspirator in huge monetary transactions. <br /><br />Economic offences constitute a class apart and need to be visited with a different approach in the matter of bail. Economic offences having deep-rooted conspiracies and involving huge loss of public funds need to be viewed seriously and considered as grave offences affecting the economy of the country as a whole, and thereby posing serious threat to the financial health of the country.” <br /><br />YSR Congress shocked <br /></p>.<p>The rejection of a bail petition of YSRC chief YS Jaganmohan Reddy by the Supreme Court on Thursday has shocked the cadres of the YSR Congress across the state. Supporters gathered around party headquarters and other district headquarters, particularly in the coastal and Rayalaseema regions of the state to celebrate any good news. <br />But they had to return with sullen faces, reports DHNS from Hyderabad.<br /><br />The court also cancelled the bail of auditor Vijaya Sai Reddy, accused 2, in the disproportionate assets case against Y S Jaganmohan Reddy, who is also Kadapa MP. <br />The court directed the auditor to surrender before May 30.<br /><br />The YSR Congress Party honorary president YS Vijayamma appealed to the people and the party cadres not to lose heart over the rejection of bail to the Party President.</p>
<p>The Supreme Court on Thursday dismissed the bail plea of YSR Congress chief Jaganmohan Reddy, accused of amassing illegal wealth running over Rs 3,000 crore, saying that his release would hamper the investigation into the irregularities perpetrated by him.<br /><br />A bench of Justices P Sathasivam and M Y Eqbal said Jagan, who had allegedly abused his father Y S Rajasekhara Reddy’s position as Andhra Pradesh chief minister, could influence witnesses and tamper with the evidence if released. The court also said economic offences had to be treated on a different footing as they posed a serious threat to the financial health of the country.<br /><br />Jagan, a Member of Parliament from the Kadapa district of Andhra Pradesh, has been in jail since May 27 last year.<br /><br />The court also allowed a CBI plea to cancel the bail granted to V Vijay Sai Reddy, a close associate and financial adviser to the group of companies run by Jagan. Nimmagadda Prasad, a co-accused who has been in jail since May 15 last year, was also denied bail. <br /><br />Prasad is accused of investing Rs 854.50 crore in Jagan’s companies in lieu of 18,878 acres being allotted to him. Jagan challenged an order passed by the Andhra Pradesh <br />High Court on January 24 rejecting his petition to release him on bail. Opposing Jagan’s plea, the Central Bureau of Investigation (CBI) filed a status report before the court, saying that the investigation into the payments made into Jagan’s companies as a quid pro quo by different companies, including Dalmia Cements (Bharat) Ltd, Sandur Power Company Ltd and India Cements Ltd, as well as the granting of mining lease to Bharti Cements/Raghuram Cements was still in progress, and would take four to six months to complete. Directing the probe agency to file charge sheet in those cases within four months, the court said: “We are of the view that the apprehensions raised by the CBI cannot be taken lightly, considering the claim that the appellant is the ultimate beneficiary and the prime conspirator in huge monetary transactions. <br /><br />Economic offences constitute a class apart and need to be visited with a different approach in the matter of bail. Economic offences having deep-rooted conspiracies and involving huge loss of public funds need to be viewed seriously and considered as grave offences affecting the economy of the country as a whole, and thereby posing serious threat to the financial health of the country.” <br /><br />YSR Congress shocked <br /></p>.<p>The rejection of a bail petition of YSRC chief YS Jaganmohan Reddy by the Supreme Court on Thursday has shocked the cadres of the YSR Congress across the state. Supporters gathered around party headquarters and other district headquarters, particularly in the coastal and Rayalaseema regions of the state to celebrate any good news. <br />But they had to return with sullen faces, reports DHNS from Hyderabad.<br /><br />The court also cancelled the bail of auditor Vijaya Sai Reddy, accused 2, in the disproportionate assets case against Y S Jaganmohan Reddy, who is also Kadapa MP. <br />The court directed the auditor to surrender before May 30.<br /><br />The YSR Congress Party honorary president YS Vijayamma appealed to the people and the party cadres not to lose heart over the rejection of bail to the Party President.</p>
