The case of forceful transfer of shares in Kakinada Seaport at a bargain price has taken a crucial turn. The Enforcement Directorate (ED) has stepped in to uncover the truth. It has been initially concluded that there was massive money laundering behind this forced deal that took place during Jaganmohan Reddy’s tenure.
According to highly credible sources, the ED has issued notices to Vikrant Reddy, son of YSRCP Rajya Sabha member YV Subba Reddy, who played a key role in this matter. It is learnt that complaints have been sent to the ED along with various evidences regarding the fact that Jagan’s close associates threatened and intimidated the original owner of Kakinada Seaport, KV Rao, and bought shares at a bargain price.
After examining them, the ED has come to the preliminary conclusion that money laundering took place in this ‘deal’. It is learnt that notices have been issued to Vikrant Reddy to obtain more details regarding this.
KV Rao has complained to the Additional DG of CID about the forcible sale of his shares in Kakinada Seaport. He said, ‘A share worth Rs 2500 crore in the port has been snatched for Rs 494 crore.’
Based on KV Rao’s complaint, the CID has registered a case against Y. Vikrant Reddy (son of YV Subbareddy) as A1. YCP MP Vijayasai Reddy, Sarath Chandra Reddy, Sridhar and Santhanam Audit Company, and Aurobindo Company have been named as accused. It is learnt that the ED has issued notices only to Vikrant Reddy for now.
‘Aurobindo’, who is very close to the Tadepalli bosses, has acquired 41 percent stake in Kakinada Seaport. Port owner KV Rao recently complained to the CID that he had sold too many shares by threatening and intimidating him. In this regard, a team of CID officials recently conducted searches at Kakinada Seaport. Key documents on the transactions behind the forced deal were seized.
Complaints were made to the ED that hundreds of crores of rupees changed hands in the incident of KV Rao’s share being sold cheaply and shares being forcibly registered in the name of Aurobindo Company and money laundering took place.
