A massive corporate fraud has taken place in Andhra Pradesh, India under our very nose and one person amassed Rs. 400 billion in a short span of four years. It has the dubious distinction of being the biggest fraud that occurred in free India. He is none other than Mr Y S Jaganmohan Reddy, son of the late Chief Minister of Andhra Pradesh, Mr Y S Rajasekhar Reddy,
Soon after the death of his father who died in a chopper crash, Mr Jaganmohan Reddy claimed the chief minister-ship of the State even before the dead body of his father was found. Mrs Sonia Gandhi-led Congress party high command ignored his claims and made another senior minister the chief minster of the State. Aggrieved by this, Mr Jaganmohan Reddy a.k.a. Jagan raised the rebel flag and launched his own party.With that ill-gotten wealth he also launched a television channel and started a daily newspaper to attack his detractors.
Meanwhile, a Congress MLA Mr Sankar Rao, wrote a letter to the Chief Justice of Andhra Pradesh High Court demanding an inquiry into the amassing of enormous wealth by Mr Jagan under the corporate veil with the help of his father (when he was alive) and top bureaucrats.
The Andhra Pradesh High Court accepted the letter as a writ petition and ordered the Central Bureau Investigation (CBI) to probe into the massive and illegal asset building by Mr Jagan. The CBI swung into action and has been collecting incriminating evidence for the last one week. The CBI has also been raiding the premises of several industrial houses who invested hundreds of millions of rupees in Jagan's companies.
During the investigation, the CBI has also found incriminating evidence against the late chief minister and included his name in the First Information Report (FIR). Aggrieved by the inclusion of the name of the 'great leader' Mr Y S Rajasekhar Reddy in the FIR, several MLAs on Sunday submitted resignations to the membership of the State Assembly. It is reported that nearly 29 MLAs so far submitted their resignations and the number may go up to 40.
The question is why should they resign when the CBI found prima facie incriminating evidence in the corrupt deals of the late chief minister. What they are up to? Are they trying to blackmail the party high command or threatening the investigating agency or trying to subvert the judiciary? Are they for the people or for furthering their own ends?
Everyone knows the deals that were undertaken by the late chief minister during his tenure and how he manipulated the industrialists to invest in his son's company by offering enormous sops in the name of several thousands of acres of land to each of the industrialists.
For the simple reason that he was dead, he would not become a saint overnight. Let the CBI investigate into the crimes without fear or favour and let the truth come out.
It seems that these Legislators are afraid of the truth.
How Mr Jagan amassed enormous wealth in such a short span would make an interesting study. He floated several companies both in India and in Mauritius in the name of henchmen and purchased shares of his own companies through those fake corporate entities.
Moreover, several industrialists were more than willing to purchase the shares of companies floated by Mr Jagan at exorbitant price. In return, the State Government headed by the late Chief Minister Mr Y S Rajasekhar Reddy allotted several thousands of acres of land at throw away price to all these industrialists.
It is the biggest corporate frauds pulled in the State since Independence. Due to the judicial activism the whole issue is being probed. These Legislators who are sidekicks of the late leader and his son, now want to throw a spanner in the investigation process.
Surprisingly, on one hand, the whole nation is supporting Mr Anna Hazare who is fighting against corruption and on the other these legislators who are supposed to be answerable to the people are trying to stall the CBI investigation.
It is high time, people all over the State raised against such tactics and called the spade a spade.