Hyderabad, Jan.24 (ANI): The Andhra Pradesh High Court on Thursday dismissed the regular bail petition of YSR Congress chief Y S Jaganmohan Reddy in connection with an alleged disproportionate assets case involving him.
The court had earlier dismissed Reddy's statutory bail plea on December 24, 2012.
The Central Bureau of Investigation (CBI) had on January 22 alleged before the high court that it was unable to speed up the investigation into Reddy's case owing to the non-cooperation of the state government.
Jagan's counsel S Niranjan Reddy arguing for bail, had earlier complained that the investigation seemed to be never ending, and added that in the name of incomplete investigation, bail could not be denied to his client.
The CBI, however, contended that the bail petition was not maintainable in accordance with the apex court order, which had said that Reddy had the liberty to approach the trial court for bail after the filing of the final charge sheet.
The disproportionate assets case relates to VANPIC project's promoter (industrialist Nimmagadda Prasad) allegedly investing Rs. 854 crore in the companies belonging to Jagan Reddy towards a largesse for which the then Y.S. Rajasekhara Reddy state government, doled out many favours in the form of awarding the project.
Jagan Reddy, who was arrested on 27th May last year by CBI on corruption charges, is presently under judicial remand and lodged at the Chanchalguda Central Prison in Hyderabad.
Justice B Seshasayana Reddy dismissed the bail plea on twin grounds, observing that bail petition is not maintainable nor the grant of bail is desirable to the accused who is facing serious charges of financial irregularities.
The Supreme Court has categorically stated that CBI should be enabled to conclude its investigation on seven counts and file a comprehensive charge sheet. (ANI)