Hyderabad: The Andhra Pradesh High Court on Friday cancelled the bail of Vijay Sai Reddy, an aide of YSR Congress party leader Y S Jaganmohan Reddy, in an illegal assets case. Justice K C Bhanu, who had reserved his orders on Thursday, pronounced it on Friday, cancelling the bail granted by a lower court.
The Central Bureau of Investigation (CBI) had moved the petition that the bail granted by the special CBI court could hamper its investigations. CBI counsel told the court that the agency filed the first charge sheet against Jaganmohan Reddy, Vijay Sai Reddy and others in respect to aspects where it concluded investigations.
After spending over three months in the Chanchalguda Central Jail, Vijay Sai Reddy was released on April 13 on a conditional bail granted by the special CBI court. Vijay Sai was arrested by the CBI on Jan 2, and listed the number two accused in the charge sheet filed by the investigating agency last month.
The vice-president of Jagati Publications Private Limited (JPPL), owned by Jaganmohan Reddy, is also an auditor in many other companies of the state.
The CBI had booked Jaganmohan Reddy, who is popularly known as Jagan, and 73 companies and individuals in August last year on directions of the Andhra Pradesh High Court.
According to the investigating agency, Jaganmohan Reddy conspired with his father and then chief minister Y S Rajasekhara Reddy to dole out several favours to certain companies in return for the investments they made into his businesses.
Vijay Sai Reddy is the only person arrested in this case so far.
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