The CBI has been alleging that 22 small companies based in Kolkata, Mumbai, Rajkot, Bengaluru, Delhi and Tamil Nadu have invested about Rs 195.7 crore in Jagati between 2008-09 and 2009-10. The CBI has also been alleging that the ill-gotten money was routed into these “briefcase” companies.
Some of the companies named are Bay Inland Finance, Bhaskar Fund Management, Cliftons Pearson, DeltonExim, Ganga Builder in Kolkata, Artillenge Bio, Kirti Electro of Howrah and Moon Enterprises of Rajkot. Meanwhile the Bureau is also probing 16 local companies based in Chennai and Hyderabad which invested Rs 107 crore in Jagati, Sandur Power and Carmel Asia Holdings.
The CBI is also depending on Income-Tax reports submitted earlier by the assistant commissioner, Mr V.M. Muralidhar, which had identified that several of the companies that had invested from Kolkata did not exist in their addresses. However, the argument from Mr Jagan Mohan Reddy’s camp is that their firms could not be held responsible for the state of affairs of the investor companies.