The Andhra Pradesh High Court, on Wednesday, granted bail to the directors of Jagajjanani Chit Funds Private Limited, former TDP MLC Adireddy Appa Rao and his son and TDP State executive secretary Adireddy Srinivasa Rao. They were arrested by the Crime Investigation Department (CID) of Andhra Pradesh on April 30. They had filed a petition for bail and the High Court had completed the hearing two days ago.
Appa Rao, the husband of TDP Rajahmundry MLA Adireddy Bhavani, and their son Srinivasa Rao, are directors of Jagajjanani Chit Funds Private Limited. During the hearing on the bail petition, the counsel of the TDP leaders argued that the Depositors Act did not apply in the case. They also argued that a case was registered against them without any complaint lodged by depositors.
On behalf of the State government, Advocate General Sriram submitted to the court that the accused diverted money from the depositors for other purposes.
TDP chief N Chandrababu Naidu spoke to Bhavani over phone and expressed solidarity with her. Naidu said that the political harassment and vendetta by the YSRCP government was increasing by the day. He lamented that there was no change in the ruling party’s behaviour. The YSRCP government believed only in illegal cases and illegal arrests. The arrest of Appa Rao and Srinivasa Rao is another example of the YSRCP government’s politics of vendetta, he said.
