Political Storm: Allegations in Andhra Port Stake Controversy

The Andhra Pradesh police have filed a case against YSRCP members V Vijaysai Reddy and Y Vikranth Reddy over allegedly acquiring stakes in Kakinada Seaports Ltd (KSPL) and Kakinada SEZ (KSEZ) at undervalued prices. The move has been described as a political vendetta by YSRCP leaders.

In Andhra Pradesh, a new political controversy emerged as police registered a case against YSRCP Rajya Sabha MP V Vijaysai Reddy and Y Vikranth Reddy. The accusations involve acquiring stakes in Kakinada Seaports Ltd and Kakinada SEZ Ltd through alleged cheating, criminal intimidation, and conspiracy.

Senior YSRCP leader Kakani Govardhan Reddy countered the allegations, citing them as part of a 'political vendetta' orchestrated by state forces. Vijayasai Reddy denounced the FIR as a ploy by Chief Minister N Chandrababu Naidu to distract from pressing state issues.

The case, initiated by Karnati Venkateswara Rao, claims his company's valuable stakes were acquired at a fraction of their worth, with the transaction allegedly linked to former Chief Minister Y S Jagan Mohan Reddy. Despite the charges, Aurobindo Pharma has distanced itself from the controversy.

(With inputs from agencies.)