The case filed on Chandrababu and 16 others in the Fibrenet case during Jagan’s term has now been closed. The CID submitted a report saying no financial discrepancies took place. Ex Fibrenet managing director M Madhusudhan Reddy and current managing director Geetanjali Sharma gave the same statement in writing to the ACB Court in Vijayawada.
They attended the Court and confirmed both orally and in writing that the case was closed. This brought an end to a long running political issue.
If one looks into the details, Jagan took action on Fibrenet soon after coming to power in 2019. He acted based on stories published in his newspaper Sakshi which raised questions at that time.
Fibrenet MD Madhusudhan Reddy filed a petition with CID saying Rs 321 crore were transferred to a company called Terrasoft on September 11, 2021. Two years later, on October 11, 2023, Chandrababu’s name was added to the case.
However, CID could not prove that the Rs 321 crore were transferred to Terrasoft from the Rs 3840 crore given under Bharat Net by the central government. The link could not be established despite a long probe.
In 2024, general elections took place and the Chandrababu government returned to power. CID then confirmed that nothing wrong had happened and no financial mishandling was found in the Fibrenet case. This indirectly showed that the case was driven by political vendetta.
M Madhusudhan Reddy, who originally filed the case, agreed to its closure. He stated that no discrepancies occurred.
