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SC denies bail to Jagan Reddy, represented by Amarchand, Gopal Subramanium

Amarchand Mangaldas and senior counsel Gopal Subramanium acted for YSR Congress party president YS Jagan Mohan Reddy to whom the Supreme Court today denied bail in the money-laundering case against him.

Reddy is at present in a Hyderabad prison in the judicial custody of the Central Bureau of Investigation (CBI), which is investigating charges against him and his associates under the Prevention of Money Laundering Act 2002, reported Mint.

“[Justice] Aftab Alam's taken a sledge hammer to Jagan Mohan Reddy! [...]” tweeted Legally India Supreme Court postcard writer Court Witness. @Spread_law later tweeted: “Jagan Reddy's can move for bail after filing of the consolidate chargesheets. Court had removed this date of 31st March 2013.” [Correction: The initial version of this report erroneously stated that Reddy would not be able to move for bail before six months.]

“Apparently Aftab Alam was unmovable when it came to finishing off #jaganreddy's case. #cbi just had to show what the amounts involved were and pretty much from then on there was going to be only one conclusion.”

According to Mint, the Enforcement Directorate yesterday attached more than 13 acres of land and Rs 14.5 crore of fixed deposits of companies owned by Reddy, “as kickbacks allegedly received in lieu of granting favours” to private companies. Attachment orders for several acres of land and crores of fixed deposits were also issued against the companies which so benefited.

The CBI opposed the bail plea and asked for more time to scrutinize the financial transactions of his vast business empire, reported NDTV.

Reddy was represented by Amarchand’s advocates-on-record firm Suresh A Shroff & Co according to today’s cause list, with Subramanium appearing in court, according to the Times of India.

The CBI was represented by additional solicitor general (ASG) Mohan Parasaran and senior counsel Ashok Bhan. Parasaran had argued that the accused were “so influential that they can influence the witnesses even while being inside” and that Reddy and others had allegedly accumulated Rs 3,000 crore.

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