The Central Bureau of Investigation (CBI), which is probing the financial misdeeds alleged to have been committed by Kadapa MP YS Jagan Mohan Reddy, has a huge task as it has listed out instances of quid pro quo investments spanning five years between 2004 and 2009 when his father, YS Rajasekhara Reddy, was the chief minister.

According to the CBI, most of the money was disguised and routed through purchase of shares in various holding companies floated by Jagan, namely Sandur Power Limited, Carmel Asia Holdings Private Limited, Silicon Builders Private Limited, Jagathi Publications Private Limited, Indira Television Private Limited and Bharathi Cements Corporation Limited. Jagan owes his growth in personal networth and investments post 2004 to some of these companies.

Coming to Jagan's companies, the FIR quoting the petitioners alleged that Sandur Power that runs a 22.5 Mw hydel power plant in Karnataka has been used by him to pump in his corrupt money. “While its total worth could not have been more than Rs 150 crore, its shares were sold to various companies and persons at huge premiums with the objective of receiving bribes and routing the illegal wealth,” it said.

Nimmagadda Prasad, whose company is involved with Vanpic, a huge port-cum-industrial corridor project, alone paid Rs 140 crore to Sandur Power by purchasing shares at a premium of Rs 650 per share. A total of Rs 797 crore was allegedly raised by Jagan in Sandur Power, some of which came from a couple of Mauritius companies currently non-existent, according to the FIR.

Apart from this, Prasad, Sridhar, Penna group and India Cements among others have made investments in Carmel Asia Holdings Private Limited, a holding company of Sandur Power, by subscribing to the shares at a huge premium.

Prasad also invested Rs 244 crore through various companies in Bharathi Cement promoted by Jagan along with Dalmia Cement and India Cements among others. Firms and individuals that put Rs 844.13 crore in Jagathi Publications include Hetero Group, India Cements, Potluri Varaprasad of PVC Ventures, Nimmagadda Prasad, Penna Cements, Lanco and Sajjala group, which acquired equity by paying huge premium, according to the CBI.

Basing on these findings and relative evidences in Jagan and Emaar cases, the CBI is planning to interrogate all the accused and make arrests if necessary, inform the sources.