KSPL-KSEZ shares: ED serves notices to Vijayasai Reddy
The ED identified the case involved heavy money laundering, following which PMLA provisions were promulgated and Enforcement Case Information Report (ECIR) was registered
The Enforcement Directorate served notices to YSRC MP YV Subba Reddy's son Y Vikrant Reddy, YSRC MP V. Vijayasai Reddy, his son-in-law brother and Aurobindo owner Penaka Sarath Chandra Reddy, representatives of PKF Sridhar and Santhanam LLP and summoned them for inquiry, in connection with forcibly acquiring stake in the shares of Kakinada Sea Port Limited (KSPL) and Kakinada SEZ.
The ED sleuths swung into action and completed preliminary inquiry following a complaint by KCPL owner Karnati Venkateswara Rao and FIR filed by the AP CID.
The ED identified the case involved heavy money laundering, following which PMLA provisions were promulgated and Enforcement Case Information Report (ECIR) was registered.
During the YSRC rule, shares worth Rs 2,500 crore belonging to Kakinada Sea Ports Limited were transferred for Rs 494 crore, Kakinada SEZ shares worth Rs 1,109 crore for Rs 12 crore to Aurobindo Realty and Infrastructure Private Limited, intimidating the concerned.
Following a complaint on the issue, the CID filed a case and mentioned that Rs 3,000 crore was embezzled, in the FIR. Cases were filed under sections relating to criminal intimidation, cheating, abetment of crime, forgery, institutionalized crime. However, the ED stepped into the scene after it was identified that there was money laundering involved in the transactions.
Though the ED served notices, Vijayasai Reddy expressed his inability to attend the inquiry as the Parliament proceedings were underway while Vikrant Reddy said he was not well. All those who were served notices avoided attending the inquiry, citing different reasons. The ED is readying to serve notices once again.
Even the CID has intensified its action against the accused.
KV Rao complained that former CM YS Jagan Mohan Reddy laid out the plan for forcibly acquiring KSPL, KSEZ shares and Vikrant Reddy, Sarath Chandra Reddy implemented it.
As part of it, a special audit was conducted and documents were fabricated stating KSPL had to pay Rs 965.65 crore to the government.
The ED has to inquire into all the allegations and identify the criminals.