The ED has been questioning YSRCP leader Vijayasai Reddy for the past three hours with regards to Kakinada SEZ case.
The Rajya Sabha member appeared before Enforcement Directorate (ED) in Basheerbagh, Hyderabad after summons regarding the Kakinada Sea Port and Special Economic Zone (SEZ).
There are allegations that Vijayasai Reddy was involved in illegal transfer of shares in Kakanada SEZ. Earlier, the AP CID had looked into the matter and found irregularities following which a case was filed on Reddy. Based on CID’s findings, the ED filed a separate case on Reddy.
Since his presence is necessary, Vijayasai Reddy made an appearance before the ED.
In the past, Reddy avoided summons stating that Parliament was in session. So, the ED issued notices once again. Kakinada Sea Port Limited (KSPL) owner KV Rao complained against the wrong-doings of Reddy.
Based on this, the CID came into the picture and filed an FIR, based on which the ED took action. It has been found that Vijayasai Reddy was involved in extensive money laundering.
It was found that his son-inlaw’s brother and Aurobindo head P Saratchandra Reddy and YV Subbareddy’s son Vikranth Reddy also played key roles in the matter. Cases have been filed against all of them by the ED.
Various scams of YSRCP are coming into light and this is one such case that involved high stakes. Rs 2500 crore worth stocks of KSPL were given forcefully for Rs 494 crore and Rs 1109 crore stocks from Kakinada SEZ were given to Aurobindo Group for Rs 12 crore during YSRCP’s regime.
KV Rao has accused that Jagan made the big plan to take away his stake from KSPL, while Saratchandra Reddy and Vikranth Reddy executed the scam.
KV Rao further stated that the Vijayasai Reddy showed profits that didn’t exist. YSRCP government forced KSPL to shell out Rs 965 crore through a false audit report, Rao said.
At the same time, he and his family were threatened of arrests, complained KV Rao.
The ED is presently enquiring Vijayasai Reddy about the routing of money before and after transfer of shares.
