Allegations Surface in Kakinada Ports Acquisition Scandal

A case has been filed against YSRCP members for allegedly acquiring stakes in Kakinada Seaports and SEZ through deceptive means at undervalued prices, favoring Aurobindo Realty. The accusation includes criminal intimidation by Vikranth Reddy, linking former Chief Minister Jagan Mohan Reddy. Investigations and responses from involved parties are ongoing.


Devdiscourse News Desk | Amaravati | Updated: 04-12-2024 18:21 IST | Created: 04-12-2024 18:21 IST
Allegations Surface in Kakinada Ports Acquisition Scandal
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The Andhra Pradesh CID has launched an investigation against prominent YSRCP political figures involving a controversial acquisition of stakes in Kakinada Seaports Ltd and Kakinada SEZ Ltd.

The complaint, filed by Karnati Venkateswara Rao, alleges coercion and deceit in the undervalued sale of shares to Aurobindo Realty, with connections implicating former Chief Minister Jagan Mohan Reddy.

Pertinent figures, including Vijaysai Reddy and Vikranth Reddy, have yet to comment, as the scandal raises questions on political influence over corporate transactions within the state.

(With inputs from agencies.)

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