|
|
|
|
|
|
| |
| |
By Category |
 |
|
|
| |
|
| |
| |
India On Media |
|
|
|
| |
|
| |
|
|
| Politics
News |
|
| Janardhana Reddy arrested by CBI |
| Janardhana Reddy arrested by CBI in illegal mining case
|
| INDIA
, 5-September-2011
5:51:26 AM |
| Janardhana Reddy, the Tourism Minister of Karnataka till as recently as last month, has been arrested for illegal mining.
A CBI team raided Mr Reddy's home this morning in Bellary, on the border between Karnataka and Andhra Pradesh, an area that has given his two brothers and him incredible clout in the political landscape of both states. Janardhana, Somasekhara and Karunakara Reddy have built their fortune through mining, most of it illegal, according to a series of cases against them.
The CBI reportedly found Rs. 3 crore in cash and 30 kilos of gold from the former minister's palatial mansion.
His brother-in-law, Srinivas Reddy, who is the managing director of one of the mining companies owned by the Reddy family, has also been arrested after his home in Bangalore was raided.
Both Srinivas and Janardhana are now at the CBI headquarters in Hyderabad.
The Reddy family officially owns a group of mining companies that operate in Andhra Pradesh. Of these, the most controversial has been the Obalapuram Mining Company (OMC), which lists Janardhana as a Director and Srinivas as Managing Director. While the company operates in Andhra Pradesh, it is headquartered in Bellary about 300 km from Bangalore.
OMC has shown the sort of growth curve that would have most entrepreneurs salivating. It was set up in 2001 by Gali Janardhana, when 34 years old, with an initial capital of Rs. 10 lakh. By 2003-2004, OMC had taken over several mining leases directly or indirectly and had reported a turnover of Rs. 35 crore. In just five years, by March 2009, the turnover was Rs. 3,000 crore.
The Reddys' political graph followed a similar path. In 1999, when senior BJP leader Sushma Swaraj contested the Lok Sabha election from Bellary, the Reddys were widely acknowledged as powering her campaign. She lost the election, but the Reddys had acquired a new prominence. By 2008, Karunakara became the Revenue Minister; Janardhana had the Tourism portfolio.
|
|
|
|
|
|
|
|
ADVERTISEMENTS
Free offer!!! Become an administrator for your zip home page, "Post" local news (local to your postcode)& pictures, "Post" advertisement banners from local companies. Make Extra money.
|
 |
 |
|
|
| |
|
