L Sridhar raided by CBI

After much criticism, CBI has finally raided the house of Lagadapati Sridhar, brother of L 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 Jagan, and his Lanco group invested Rs 30 crore in Jagan’s Jagathi Publications.

CBI has been issuing notices and raiding all individuals and firms linked to Jagan’s illegal business empire.

CBI did not include L Sridhar in the FIR lodged against Jagan. There were strong rumors that Lagadapati’s brother was spared from the CBI raids because L Rajgopal was useful in attacking 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’.

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