MUMBAI: The president of Board of Control for Cricket in India (BCCI) Monday appeared before the Central Bureau of Investigation (CBI) over his business links with firms owned by Jaganmohan Reddy, the son of former Andhra Pradesh Chief Minister YS Rajasekhara Reddy.
Srinivasan was summoned by the agency as part of its ongoing investigation into the disproportionate assets case involving Jagan.
The BCCI chief, who is also India Cements managing director, was grilled for more than seven hours at CBI's makeshift office in Hyderabad.
The CBI suspects Srinivasan’s company India Cements received undue benefits during the regime of YSR which he reciprocated by investing Rs 1.35 billion in Jagan's companies. The company, according to CBI, has received additional water allotment for two its plants in Nalgonda and Rangareddy districts during the YSR regime.
However, Srinivasan is believed to have told the investigative agency that the investment in Bharati Cements was purely driven by profit making. He claimed that the investment ultimately paid off as he made profit on it when the company was sold to French firm Vicat Group.