Hyderabad, June 28: The Andhra Pradesh High Court Thursday reserved till July 4 its order on the bail petition of YSR Congress Party leader Y.S. Jaganmohan Reddy in an illegal assets case.
After hearing the arguments of both Jaganmohan Reddy’s counsel Ram Jethmalani and Central Bureau of Investigation’s (CBI) counsel Ashok Bhan, Justice Samudrala Govindarajulu reserved his order.
Jagan, as Jaganmohan Reddy is popularly know, was arrested by the CBI May 27. He is in judicial custody till July 4.
Jethmalani, who called on Jagan in the jail in the morning, argued strongly for his bail while describing the case against his client as politically motivated.
The senior counsel alleged that Jagan’s arrest was illegal and the CBI action amounted to contempt of court as he was scheduled to appear in the trial court the next day in response to the court summons.
The CBI opposed the bail petition on the ground that the accused may tamper with the evidence and influence the witnesses.
Bhan submitted that Jagan was involved in a grave economic crime. He said the case involved massive looting of public money.
He said the favours doled out by Jagan’s father and then chief minister Y.S. Rajasekhara Reddy to companies, which invested in his business, cost the state exchequer Rs.43,000 crore.
CBI counsel informed the court that investigations revealed that suitcase companies based in Kolkata invested in Jagan’s firms.
The investigating agency has so far filed three charge sheets against Jagan and others in the case, which was registered last year on the direction of the high court.