HYDERABAD: The CBI has begun a probe into the palatial houses owned by YSR Congress chief YS Jagan Mohan Reddy in Hyderabad and Bangalore.Simultaneously, the agency has intensified its probe into the investments made by about 50 companies in Jagan’s firms, particularly three companies, one of which had invested an additional Rs 200 crore in March even though a CBI probe appeared imminent then. Top sources disclosed to Express that a CBI team visited Jagan’s palatial house in HUDA Heights, near Lotus pond in Banjara Hills recently.The house, named Lotus Mahal, is constructed on nearly 53,000 square feet of land (more than an acre). The five-storeyed building is valued at over Rs 300 crore. Sources say the two buildings on the campus comprise a gymnasium, tennis, squash and volleyball courts, a 200-seat capacity mini-theatre, several escalators, a three-floor underground parking among other facilities. It has 20 servants’ quarters and a two-storeyed outhouse.Sources said there are 60 rooms and bathrooms. “The plot was bought by Jagan’s front companies. While two-thirds is owned by Jagan, the remaining is in the name of his sister Sharmila Reddy,” the sources said.The CBI is understood to have taken photographs of the sprawling buildings, the marble for which is said to have arrived from Rajasthan.The construction is nearing completion. Simultaneously, the CBI is taking details of his Bangalore residence which is worth more than the MP’s Hyderabad residence.“We are probing the investments made in these properties,” sources said.Meanwhile, the CBI has learnt that one of the investors in Jagan’s firm, Matrix Laboratories, had invested an additional Rs 200 crore in March. Though about 50 companies which have invested in Jagan’s company are under the scanner, the agency is viewing with suspicion Matrix, Pennar Cements, PVP Business Ventures and India Cements among others.Sources said in their defence, the representatives from Jagan’s companies stated that the investors in Bharati Cements like Dalmia Cements and India Cements were themselves pioneers in the industry and their investments should not be viewed with any suspicion.It is learnt that they further said that even the shares of My Home group and Sagar Cements were also valued at very high price and foreign investors such as CRSI IRIS and Vicat, among others, had purchased shares in India Cements at a very high valuation.They further argued that a capital gains tax of Rs 85 crore was paid from the Rs 255 crore arising out of the sale of shares of Bharati Cements making Jagan the highest tax payer in the country in 2010.But the problem the Jagan camp may face, sources said, are the Kolkata-based companies as it is being alleged that these companies do not exist at all. The Enforcement Directorate is probing this very angle.The CBI on Thursday completed one week of the preliminary probe. The court, on July 13, gave two weeks time for the premier agency to wind up the preliminary.
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