High-Stakes Scandal: Major Allegations Shake Aurobindo Realty

Andhra police have filed a case against notable figures, including YSRCP MP V Vijaysai Reddy, concerning alleged stakes acquisition in Kakinada Seaports and SEZs. The complaint alleges coercion and threats linked to former Chief Minister Y S Jagan Mohan Reddy, involving undervalued transactions favoring Aurobindo Realty.

In a major development, Andhra Pradesh police have registered a case implicating prominent individuals, such as YSRCP Rajya Sabha MP V Vijaysai Reddy and Y Vikranth Reddy. The allegations center on acquiring significant stakes in Kakinada Seaports Ltd and Kakinada SEZ Ltd.

The case, filed by KSPL's Chairman Karnati Venkateswara Rao, suggests substantial stakes in these firms were acquired at undervalued prices. Notably, the shares, worth over Rs 3600 crore, were reportedly acquired for just over Rs 500 crore, allegedly through intimidation and conspiracy.

In this unfolding drama, Rao has claimed coercive tactics linked to former Chief Minister Y S Jagan Mohan Reddy, aiming to force the share transfer. Aurobindo Pharma has distanced itself from the dealings, emphasizing its lack of involvement in ownership or operations related to the controversy.

(With inputs from agencies.)