The financial Wizard of Y S R family 52 year old Vijay Sai Reddy is finally marked as the king pin who catapulted the underworld and business empire of YS Jaganmohan Reddy into massive conglomerate with interests in SEZs, Cement, granite, Steel, Media, Power and also Health care.
Exploiting the unbridled clout of YSR in the congress, Vijay Sai Reddy shot up from a small time chartered accountant to become the country’s most coveted auditor - cum wheeler dealer in government - corporate - and financial institutions.
‘We are yet to put a bull park number but roughly we could say that since YSR came to power in 2004 and till his death (even after death) Vijay Sai Reddy was instrumental in handling massive funds (including those of the Jalayagnam, Arogyasree and SEZ) from all of which he is alleged to have portioned out a share to the former chief minister and his son“ say the CBI sources who badly want his custody to get the truth and record all of his financial escapades.
The latest Con artist of the financial world, Vijay Sai Reddy hailed from Tallapudi in Mutkur mandal of Nellore district. After completion of education in the district and later Chartered Accountancy at Chennai, he set up shop as V S Reddy and Associates at Chennai, Bangalore and Hyderabad and served the YS family for three generations. He married the daughter of former Lakkireddipalli MLA Ramsubba Reddy in 1976 which brought him in close proximity with the YSR family and since then has never looked back.
From 2004 on wards YSR family a re only his clients and he and his firm handled the income tax, property and all other financial deals of the 78 members of the YSR family and friends. A full team of 8 member staff and three advocates of his office work for YSR family alone and five others handle the affairs of other relatives etc.
YSR had nominated him to the TTD board twice and also director in several, banks including Oriental commerce Bank, UBI, PNB and Allahabad Bank all of whom had invested in Jagan and YSR business activities. YSR had also sent him abroad four times on official delegations and also appointed him on board of several state undertakings. ‘In fact Vijay Sai Reddy had a finger on all financially rich departments and corporations of Government and sources funds for several of PPP projects like the Aarogyasree from funds of Health department“ says the CBI.
In the same pattern Vijay Sai Reddy devised benami companies and processes to direct flow of bribe and graft money to YS Empire. ‘Even the congress bigwigs were stunned by his methodology that they offered him big slots in Delhi so that they could benefit from his financial brain for the party and also personally‘ said a CBI source. But YSR refused to lend him even to Digvijay Singh and Vijay Sai Reddy chose to stay with the predominant family in AP.
Vijay Sai was also an avid player in the stock market and did not rest without selling and gaining at least five lakhs worth capital. ‘He knew the market trend and even on the day of the worst market collapse Vijay had come out with Rs. Two lakhs in his pocket ‘say his friends.
His loyalty to YSR family was so immense that YSR insisted on his presence at every important event in his political and family affairs. It is said that YSR postponed even his swearing in 2009 by a day to facilitate arrival of Vijay Sai Reddy who was abroad in US.
Although CBI speaks of his attempts to evade arrest and get diplomatic immunity it is a fact that the Jagans auditor had set in processes for appointment as business agent and consul generals of at least half a dozen African and middle east countries and was an adviser to a dozen minor countries as well. "He could have got away Scot free if head strong Jagan had listened to him and waited for another month to complete the exercise” say the CBI.
The proposal for the Georgia and the RBI appointment reached Delhi. Strangely both the RBI and the External Affairs ministry whetted the files and sent it to the Home Ministry for endorsement. It was the CBI case which came in the way.
The CBI in its FIR against Jaganmohan Reddy and 73 others including Vijay Sai alleged that various investors who are beneficiaries of public properties, licences among others invested in the companies promoted by Jagan at very high premiums as a quid-pro-quo to the favors doled out by the former Andhra Pradesh Chief Minister late YS Rajasekhar Reddy on his son's (Jagan's) influence.