The Central Bureau of Investigation, which is conducting raids on the bussiness establishments of Kadapa MP YS Jagan Mohan Reddy and others based on a directive of the Andhra Pradesh High Court, has filed a 28- page FIR in the case.

The FIR listed Jagan as number one accused followed by V Vijay Sai Reddy, vice-chairman of Jagati Publications. In all, the FIR named 72 companies and individuals besides directors, promoters of unknown companies, unknown public servants of the state government and "unknown others" as accused in the case under IPC Sections 120 (B) read with 420, 409, 420 and 477 (A).

The FIR filed by the CBI alleges that Jagan Mohan Reddy conspired with his father late YS Rajasekhara Reddy and other individuals and companies to "cheat the government of Andhra Pradesh in the matter of granting certain favours". It also alleges that Jagan exercised influence on YSR and other government officials, who issued orders favourable to many companies and that rules were flouted to allot licences for ports, SEZs in return of huge sums of money during 2004-2009.

The CBI further charged that Jagan "exercised his influence on his (late) father, then chief minister, and also "unknown public servants" of the state government, who in turn abused their official positions by corrupt or illegal means and issued orders favourable to many companies. The charges relate to criminal conspiracy, cheating, criminal breach of trust, falsification of accounts and criminal misconduct, according to the FIR. "As a quid pro quo, those companies, other unknown companies and unknown persons invested several crores of rupees in Jagati Publications, Sandur Power Company Limited, Carmel Asia Holdings, Bharathi Cement Corporation Ltd and other companies promoted by Jaganmohan Reddy at a huge premium," the CBI FIR said.