|How money flowed into Jagans companiesÂ & benefits went to Investors:
Y S Jaganmohan ReddyÂ and his father former CM Y S Rajasekhara ReddyÂ had ingeniously created 49 dummy companiesÂ all over the country to launder the bribe money they received throughÂ QPQ formulae .
The modus operandi was very simple investors favored with land allocations in exchange for their buying shares of the dummy companies at exorbitant premiums fixed by Jagan and CO, says the CBI FIR .
About 22 small companies with out proper addresses based in Howrah, Kolkata, Mumbai, Rajkot,Â Bangalore, Delhi and Tamil Nadu have invested about Rs. 195.7crore in Jagathi Publications. Another 16 companies which were not listed on BSE and based in Chennai and Hyderabad were also mentioned to have invested Rs. 107 crore in Jagathi, Sandur Power and Carmel Asia. All these firms were allegedly without any significant income or assets but floated by Jagan and co only.
Here is a brief list of companies and individuals who invested in Jagan â€˜blade companiesâ€˜.
1)Nimmagadda Prasad and Matrix Group of Companies:Â Nimmagadda Prasad of Matrix fame who later sold it to US-based Mylon Group.
2)P Pratap Reddy, Penna Cements Group and Pioneer Infra:Â Penna Cement Industries Limited was formed by P Prathap Reddy, a Congress leader and close confidant of YS Rajasekhara Reddy who also owned Pioneer Infrastructure Holding Ltd.
3)Ramky Group of Companies:Â The Ramky Group has a turnover in excess of `4,500 crore and focused in areas of civil, environmental and waste management infrastructure with specific emphasis on Public-Private Partnership projects.
4)Aurobindo Pharma Ltd:Â Among the largest vertically integrated pharmaceutical companies in India, with global presence with own infrastructure, strategic alliances, subsidiaries and joint ventures.
5)PVP Ventures and Group of Companies:Â The Group is owned byÂ Varaprasad PotluriÂ who is into construction and contracting.
6)Hetero Group of Companies:Â Hetero is a research-based global pharmaceutical company building on strengths of vertical integration in discovery research, process chemistry, API manufacturing, formulation development and commercialization.
7)Mantri Developers Pvt Ltd:Â Established by Sushil Mantri, Mantri Developers is one of Indiaâ€™s leading real estate developers building residential properties, IT parks, shopping complexes, commercial buildings and educational institutions.
Vijaya Sai Reddy arrested by CBI in YS Jagan case on 02.01.12
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