Kadapa MP Y.S. Jaganmohan Reddy may face arrest and his assets are likely to be seized consequent upon Andhra Pradesh High Court ordering a full-fledged Central Bureau of Investigation (CBI) probe into his alleged illegal wealth.
The CBI will book a criminal case and take up investigations under the Indian Penal Code, Prevention of Corruption Act and Prevention of Money Laundering Act as directed by the court.
According to affidavits filed with Election Commission, Jagan was worth Rs.11 lakh prior to 2004 and in the 2009 elections, he was worth Rs.77 crore. During the by-polls to the Kadapa Lok Sabha seat in May this year, Jagan had declared assets of Rs.365 crore, making him the richest MP in the country.
Textiles Minister P. Shankar Rao, on whose letter the High Court took up the hearing, claims that Jagan has assets were worth Rs.43,000 crore. The CBI may constitute a multi-disciplinary investigation team as the case involves alleged money laundering, hawala transactions and investments routed through tax haven countries.