A CBI probe has been ordered but the accusations from opposition Telugu Desam Party (TDP) that Andhra Pradesh Christian Chief Minister Y Samuel R Reddy and his son used Satyam to further their business interests to the tune of almost Rupees ten thousand (10000) crore.
Y Samuel R Jaganmohan Reddy, a top media businessman is the son of the Andhra Pradesh Chief Minister Samuel Reddy. Y Samuel R Jaganmohan Reddy is the target of TDP for his alleged involvement in the Satyam scam.
“He has converted corruption money into white money. He violated all rules, laws and committed economic crimes. YSR's family income before he became CM was 41 lakh and now it is more than 10,000 crore. We have documentary evidence,” insists Naidu.Caution: Following video contains news report from a known Anti-Hindu biased news channel, viewer discretion is advised.
YSR Jaganmohan Reddy had bought a small company called Sandur Power Ltd and ever since his father became state chief in 2004, hectic activity was witnessed in this power generation firm.
Jagan managed to raise almost 125 crore rupees by allegedly allotting shares at a premium of Rupees 61 to two Mauritian companies, viz. 2 I capital and Flurry.
Sandur went on to float some subsidiary companies like Classic Reality, Caramel Asia, Bhavati Sanidhi Estates and Harish Infra.
Each of these companies was used to float separate firms including Jagan's pet Jagathi Publications and Indira Television.
Almost 200 crores is believed to have been circulated between these companies, most of which was raised for different purposes.
Jagathi Publications, armed with an audit from the famous Pricewatershouse Coopers (which in turn is now under scanner for its involvement in Satyam scam) then got huge sums as revenue from government advertisements.
Other Corruption cases by Congress led UPA:
- Corruption charges against Home Minister Shivraj Patil
- Congress corruption: Andhra CM Samuel Reddy worth Rs 10000 Crores
- Leftist Corruption: CPM's Rs 374.50 crore SCN-Lavalin scam
- Abuse of Power: MA degree makes IPS officer 'fit' for AIIMS PhD
- Leftist Corruption: How to make Rs 125 cr for free?
- Petroleum Ministry's austerity: Rs 65,000 a month on taxi rental per person
- Telecom Minister: Zero to Rs 755 crore in 1 year!
- Corrupt T R Baalu is delaying highway projects