Master `manipulator’ Vijay Sai Reddy, free hand in EMAAR

January 10, 2012 19:42
Master `manipulator’ Vijay Sai Reddy, free hand in EMAAR

Jagathi Publication’s Vice-Chairman, Vijay Sai Reddy (VSR), the kingpin in the misappropriation of funds by the Jagan and co, was very clever manipulator, based on the reports published in the Telugu daily Eenadu. The report states that being an auditor by profession, VSR had utilized all his skills in forming companies which were hoarding the funds of the Kadapa MP Mr. Jagan Mohan Reddy (JMR).  VSR was grilled by the CBI on Monday consecutive for the ninth day. The CBI believes that VSR knows about all the transactions of the companies that are owned by JMR.

It may be noted in 2008, VSR a resident of Chennai and Hyderabad registered a company in Bangalore, `Mukhari Estates Pvt Ltd (MEPL), which was closely held by his family members. The said company has purchased a 1599 Sq Yards plot at the cost of eleven Thousand per yard when the prevailing rate was over fifty thousand. The total cost of the plot purchased was registered at Rs. 1, 75 Cr whereas the actual cost of the plot was averaging at Rs. 8 Cr. The controversial plot is positioned beside the golf course with the allotment number A-20. It has the proximity of being close to the Nanakramguda IT companies’ area.

Another interesting feature of MEPL is, the company started with a capital of Rs. 10 Lakhs and rose to Rs.1Cr and went on to purchase plots in HMT Lay-out and in upcoming Gopalapuram area in Bangalore.

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