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Freezing of Jagan's accounts: Verdict on May 14

May 10, 2012 19:51 IST

The Central Bureau of Investigation court, which is hearing a plea challenging the freezing of accounts owned by YSR Congress President Jaganmohan Reddy, will deliver its verdict on May 14.

The court on Thursday heard arguments advanced by Jagan's legal team and the CBI at length before reserving its verdict.

The CBI on Tuesday froze accounts of three companies owned by Jagan -- Sakshi TV, Jagathi publications and Janani Infrastructure. The CBI took this action in continuance of their probe against in the disproportionate assets case against Jagan, which was challenged by him.

The CBI counsel while justifying their action stated before the court that there was absolute need to freeze the accounts. "We need to probe the trail of funds of these companies," the counsel said.

Meanwhile, Jagan's counsel argued that the CBI had no right to freeze these accounts. "Big investors of these companies have clean records; their taxes too have been paid. Moreover, the CBI's move has affected the livelihood of 20,000 employees," the counsel said.

Jagan in a statement said that the CBI action was a ploy by the ruling Congress and the Telugu Desam Party. "It violates the freedom of expression," he said.

Vicky Nanjappa