Jagan granted bail by CBI court

Hyderabad, Sept 23,
2013: The special CBI court at Nampally in Hyderabad on Monday granted bail to
YSR Congress party chief Sri Y.S. Jagan Mohan Reddy.

Hours before the Court
delivered its order on bail, CBI had informed the court that it had found no
evidence of quid-pro-quo transactions in the case filed against him. The CBI
counsel filed a memo in the court informing the court that there was no basis
for the charges leveled against Sri Jagan Mohan Reddy. 

“There is no basis for
quid pro quo charges filed against 8 companies,  Mantri developers, Jubilee communications,
Sandur, Carmel Asia, RR Global, PVP Business Ventures, Classic Reality and
Saraswati Power and Industries,” CBI informed the court in its memo.

With regard to 16
Kolkata based companies, the investigative reports have been submitted to IT and
ED authorities which will continue the investigation, said the CBI in its memo.

Sri Jagan Mohan Reddy
was arrested by the CBI on May 27, 2012 at the end of a 3-day investigation in
Hyderabad on APHC directions following petitions filed by former Minister
Sankara Rao and TDP leader Ashok Gajapati Raju.

The CBI has
investigated 73 persons including Sri Jagan Mohan Reddy and several companies
in the case.

The court granted bail
to Sri Jagan Mohan Reddy on submission of two sureties and a cash bond of Rs.2
lakh