How Jagan Expanded His Business Empire with Zero Investment?

TOI carried an interesting report from the recent attachments of ED in Jagan Mohan Reddy’s case. The Leader of Opposition back then became the owner of Bharati Cements without investing anything in the company. Nimmagadda Prasad gave 35 Crore to Jagan for floating Bharati Cements after taking over Raghuram Cements and later merging it with Bharati Cements.

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Once the merger is done, Late YSR, Jagan’s father and the then state Chief Minister accorded mining leases for huge tracts of limestone mines in Kadapa. These leases are worth 152 Crore and these irregularities led to the attachment of assets worth 749.10 Crore couple of days ago.

This is the fourth spell of attachment by the ED ever since the CBI had started filing charge-sheets in the disproportionate assets and quid pro quo case registered in 2011. Even as Jagan and his party members are trying to put up a brave face, this attachment hit their morale hard and they are very much upset.