YS Jagan Mohan Reddy’s scam pertaining to InduTech Zone IT SEZ has put Prime Minister Narendra Modi, Finance Minister Arun Jaitley, Law Minister Ravi Shankar Prasad, Commerce Minister Suresh Prabhu, Urban Development Minister Narendra Singh Tomar. Although Jagan isn’t named as respondent, his name is mentioned by the Mauritius government.
Going into details, one Mauritius company Carissa Investments LLC of Mauritius had bought 49 percent stake in InduTech Zone IT SEZ in the Unified Andhra Pradesh, through Foreign Direct Investment (FDI). The SEZ didn’t start as it got entangled in legal issues after the CBI chargesheeted YS Jagan Mohan Reddy in a scam involving the land of the InduTech Zone IT SEZ.
The Carissa Investments LLC has brought up the matter with the Mauritius government. The Mauritius government has raised the issue under a bilateral treaty – between Mauritius and India – for the protection of investments. Citing the United Nations Commission on International Trade Law Model Law on Commercial Arbitration, the Mauritius government sent notices to the top Union ministers of the nation. The Mauritius government claimed that Carissa Investments LLC, based in Mauritius, has been cheated. Carissa Investments LLC is seeking a claim of 50 Million USD and an arbitration.
Earlier, Indu Shyam Prasad Reddy, who bagged the contract to develop the SEZ, had mortgaged the land to procure loans and laundered some part of it. Shaym Prasad Reddy, along with others, was booked in the same case. With Jagan’s involvement in the land case, this whole issue has turned into a huge headache for PM Narendra Modi who is desperate to join hands with YS Jagan Mohan Reddy of the YSRCP in AP. It needs to be seen how the BJP would now respond.
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