Kadapa MP Jagan Mohan Reddy's firm Jagathi Publications is under scanner. Value of Jagathi Publications was allegedly overstated by Rs 1,000 crore at Rs 3,500 crore
In what is being called another Satyam-like scam, auditing firm Deloitte reportedly admitted to fudging the accounts of the Kadapa MP Jagan Reddy-owned media house Jagathi Publications.
The company reportedly told a Hyderabad court it had pumped up the value of Jagathi by one Rs 1000 crore from Rs 2,500 to Rs 3,500 crore in April 2008.
Deloitte added that it had been been pressurised by the company to inflate the value.
Jagathi auditor Vijay Sai Reddy has dismissed the allegations, says it's a campaign to malign Jagan's image. Jagan and Vijay Sai Reddy are being probed by CBI in disproportionate assets case.
Jagathi had told Deloitte that the figures were just for internal purposes but later made the report public to prospective investors.
Deloitte said it was a private deal with Jagathi, hence there was no need to report to regulators.
This is second known instance of a multi-national audit firm fudging the account books of a company in recent times.
In 2008, PricewaterhouseCoopers had cooked the account books of Satyam Computer Services in an estimated fraud of Rs 14,000 crore. But news is Shakshi had only 350crores but jagathi increased it for 2500crores by using chennai based auditing company where jagathi vice chairmen vijayasai reddy worked previously and now after 2500 crores they went to deliotee and ask them to increase them by 1000crores as so many persons waiting for invest.
The ED had given notices to jagan because as in Broadcasting Media in india must be allowed to keep outside investments only upto 26% but jagan's Shakshi had made 48% investments from marshes,Dubai and malashia.So ED will now concentrate on This scam also.How shakshi which was not started its broadcasting in TV had made such crores of rupees in such a shortspan is now to be known by ED.And second thing is Jagathi went to Deliotee in 2008 but they made auditing report to be given in 2007 which is major issue to the case since from 2007 several 100's of crores of rupees pumped into jagathi which was went to broadcasting media for starting a channel in 2007end ,
1)but how the money started before channel was born was a big question??
2)How a cement factory leaders like indian cement who had a share value of less than 500rs had brought share of jagan's Bharathi cement which was not started in 2007 share for 1100rs how is it possible???
The answer is listed companies shouldnot buy the shares of non-listed companies but here jagan made it possible which is a share market scam this is one example almost 75% of industralists in AP are now in Jagan's case,what will happen to brandname of AP if they went to prison.
i posted the video because some are misunderstang me i am writing something not came in media so i added the proof of cnn-ibn which is top rated channel in world top3
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