Ed, Cbi Tightens Noose Around Jagan

[katharnak]

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[b]New Delhi:[/b] There is more trouble for YSR Congress chief Jagan Mohan Reddy as accounting firm Deloitte has reportedly said in court that it was forced to overstate the valuation of Jagati Publications, owned by Reddy.[/font][/color]
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Jagan had said on August 15: "If a similar paper, in the same vernacular region, but with better technology than Eenadu goes for a valuation by Deloitte at Rs 3500 crore, what is wrong with it? People who have invested in Sakshi have invested for making money and they will."[/font][/color]
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Less than three months since Jagan lashed out at opponents for targetting his publication house through the CBI, investigations have now placed the auditing firm Deloitte and Jagathi publications under the scanner.[/font][/color]
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Deloitte official reportedly deposed before the magistrate stating the company was forced to inflate the valuation figure by a Rs 1000 crore to Rs 3500 crore, under pressure from Jagan and his firms auditor Vijay Sai Reddy.[/font][/color]
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While Deloitte has not denied media reports on inflating valuation figures, the company in a statement to CNN-IBN has said, "The work done by us for the company was part of a private contractual arrangement between two parties and was not based on any legal requirements and hence no reporting to regulators or other agencies was necessary."[/font][/color]
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Refuting the allegations and terming it as a media trial, the vice chairman and auditor of Jagathi Publication, Vijay Sai Reddy has called it an effort by vested interests to malign Jagan.[/font][/color]
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In an open letter to the CBI, Reddy stated that the statement reported was absolutely false.[/font][/color]
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"The Statement reported to have been made is absolutely false; it is clear that the statement that has been reportedly made, is obviously under pressure from some people with vested interests, who are losing no opportunity to somehow tarnish our image and implicate us in one case or the other."[/font][/color]
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With the Enforcement Directorate issuing a notice to him in the money laundering case and the CBI now studying allegations of inflated valuation of his firm, the noose certainly is tightening around Jagan.[/font][/color]
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Political observers are keeping a close watch on whether these developments will bring down the number of Jagan loyalists in the Congress party.[/font][/color]

[Ispate Raju]

ee naa koduku lopaliki pothene naaku manassanthi....