Kadapa MP and YSR Congress president Y.S. Jaganmohan Reddy was granted bail by the Principal Special Court for CBI Cases here on Monday even as the investigating agency has stated that it could not establish quid pro quo in the case of eight companies.
The 40-year-old leader was granted bail after spending nearly 16 months in the Chanchalguda Central Jail. Special CBI court judge U Durgaprasada Rao granted bail to Jaganmohan Reddy on a personal bond of Rs two lakh and two securities of the like amount.
While granting the bail, the court held that the apprehension of the Central Bureau of Investigation (CBI) that the main accused in quid pro quo investments case would tamper with evidence at the present stage was unfounded.
In a separate memo filed in the court, the CBI stated that it could not establish quid pro quo in the case of Sandur Power, Carmel Asia, PVP Business Ventures, Jubilee Media, Classic Realty & Brahmani Infratech, RR Global, Saraswati Power and Mantri Developers it had named in the FIR.
The investigating agency has also referred the matter of 16 “suitcase” companies named in the FIR to the Enforcement Directorate and the I-T Department.
Mr. Jagan, who broke away from the Congress in 2010 following differences with the ruling party leadership, was arrested by the CBI on May 27 last on the charges of influencing quid pro quo investments into his firms. He is likely to be released from Chanchalguda prison on Tuesday after the completion of formalities for his bail in the special court.
Judge U. Durga Prasad Rao said: “The court has taken note of the possibility of the accused tampering with evidence during the trial stage since the investigation was complete according to CBI, but there is no demur about it.”