After much criticism, CBI has finally raided the house of Lagadapati Sridhar, brother of Lagadapati Rajgopal today. Sridhar’s company – Jubilee Media had invested Rs 20 core in M/S Carmel Asia Holdings Pvt Ltd, a subsidiary of Sandur Power Pvt Ltd owned by Mr Jagan Mohan Reddy, and his Lanco group invested Rs 30 crore in Mr Reddy’s Jagathi Publications.
CBI has been issuing notices and raiding all individuals and firms linked to YS Jagan Mohan Reddy’s illegal business empire.
CBI did not include Lagadapati Sridhar in the FIR lodged against YS Jagan. There were strong rumors that Lagadapati’s brother was spared from the CBI raids because Lagadapati Rajgopal was useful in attacking YS Jagan.
Jubilee Media Communications Pvt. Ltd., which was incorporated in Vasant Nagar in Bangalore, did not conduct any business transactions in 2007 and 2008 but surprisingly invested about 50 Crores in Jagan’s companies.
The CBI is now trying to ascertain what benefits did the Lagadapati’s get from the YSR government in return for their ‘investment’.