Date: December 06, 2024
Kakinada Port Scam: Allegations Against YCP Leaders Unveiled
Kakinada Port Scam: A Deep Dive into the Allegations
The Kakinada Port scam has emerged as a focal point in Andhra Pradesh’s political and economic discussions. Recent developments have brought fresh allegations against prominent YSR Congress Party (YCP) leaders and associated companies. KV Rao, also known as Karnati Venkateswara Rao, has lodged a formal complaint with the Andhra Pradesh CID, sparking widespread attention.
Key Accusations in the Kakinada Port Case
In his complaint, KV Rao has accused the following individuals and entities:
- Vijayasai Reddy, a senior YCP leader.
- Sarath Chandra Reddy, Vijayasai Reddy’s son-in-law.
- Vikranth Reddy, the son of YS Subba Reddy.
- Two companies: Aurobindo Realty & Infrastructure Pvt. Ltd. (ARIPL) and PKF Sridhar & Santhanam LLP.
According to Rao, these parties forcibly acquired his family-owned 41.12% stake in Kakinada Deep Water Port (KDWP) through coercive means and fabricated documentation.
Allegations of Coercion and Financial Manipulation
KV Rao has claimed that the oppression began after YS Jagan Mohan Reddy became Chief Minister in 2019. He alleges that the coercive acquisition took place between May 2020 and February 2021. During this period:
- The accused demanded ₹1,000 crore as part of a revenue-sharing agreement with the Andhra Pradesh government.
- Rao and his family were allegedly threatened with imprisonment if they refused to comply.
- Fabricated documents, forensic audits, and other manipulative tactics were reportedly used to strip assets from KIHPL and Kakinada SEZ Limited (KSEZ).
Financial Impact of the Alleged Takeover
The complaint details significant financial losses:
- KIHPL assets worth ₹2,500 crore were reduced to just ₹494 crore.
- KSEZ assets valued at ₹1,109 crore were allegedly acquired for a mere ₹12 crore.
Rao also stated that he refrained from filing the complaint earlier due to the influential positions of the accused during YCP’s tenure.
Current Status
The AP CID is now investigating these allegations, which highlight the use of power and influence in business dealings. This case could have far-reaching implications for the political and business landscape in Andhra Pradesh.