Now,Jagan firms under Income Tax dept scanner

Also under investigation is the manner in which share prices of all these companies rose abnormally within a short period.

The trigger for the investigation appears to be the Rs 84-crore advance tax Jaganmohan filed in September after offloading his share in at least five companies,including Bharathi Cements.

Jaganmohan had sold off 51 per cent of his 69 per cent stake in the controversial Bharathi Cements,of which he is founder and chairman,to France-based cement major Vicat SA.

While he paid advance tax of Rs 84 crore in September,Jaganmohan has already publicly declared his assets Rs 61.13 crore in his name and Rs 16.27 crore in his wife Bharatis name and stakes in seven companies.

He declared the details in an affidavit filed before the Election Commission in April 2009,when he contested the Kadapa Lok Sabha polls.

Jaganmohan and his family members are learnt to have invested Rs 308 crore in 18 companies (see box),directly or indirectly. Over the last four years,they reportedly sold off their stake in many of these companies at abnormally higher prices.