Naidu violated oath of secrecy, paved way for insider trading: CID report

By Newsmeter Network  Published on  18 Jan 2020 6:51 AM GMT
Naidu violated oath of secrecy, paved way for insider trading: CID report

Hyderabad: The Criminal Investigation Department has reportedly concluded that Nara Chandrababu Naidu and his ministers during the first term of ruling in Andhra Pradesh after its bifurcation paved the way for insider trading. Naidu and his then Cabinet colleagues Yanamala Ramakrishnudu, Prathipati Pullarao, Devineni Uma Maheshwara Rao, Palle Raghunatha Reddy, and his son Nara Lokesh may face a legal battle as the CID is about file cases against them.

Former MLAs – Kommalapati Sridhar, GVR Anjaneyulu, Dhulipalla Narendra and Payyavula Keshav – may also come under the CID lens, according to sources. The department may book these leaders under IPC 418, 420, 406,403, and 409 Sections.

CID has collected vital pieces of evidence on insider trading in the name of Amaravati as the capital city. Income-tax (I-T) returns and other important documents of the people allegedly involved in the insider trading are with the CID, said the sources.

Without paying tax, black money was used to purchase land in the Amaravati region. Based on this evidence, the CID may ask the I-T department to take action against those engaged in insider trading with black money.

The CID is investigating all land transactions that took place between June 1, 2014, and December 31, 2014. It has analysed the registration documents as well.

Putta Mahesh Kumar, son of Putta Sudhakar Yadav, who is the son-in-law of Yanamala Ramakrishnudu, bought 7.12 acres in survey number 93-B in Tadikonda, near Amaravati, on June 6, 2014. Gaddam Bucha Rao of GBR Hatcheries Pvt Ltd sold the land to Putta Mahesh at Rs 21 lakh per acre. Chandrababu Naidu was sworn in as the CM of AP on June 8, 2014.

Another buyer was Gummadi Suresh, who bought 30 acres at Anantavaram, Nidamarru, Mangalagiri and Pedaparimi villages. CID scrutinised his I-T returns and earning capacity and concluded that he doesn't have enough financial background to buy such premium land.

The sources said CID has documentary evidence to establish close relations between Prathipati Pulla Rao and Gummadi Suresh.

Several close associates of Chandrababu Naidu are allegedly involved in the purchase of properties in Amaravati region in 2014. All those who bought land in and around Amaravati are close associates of Chandrababu Naidu, his Cabinet ministers, MLAs and relatives, observed a political analyst.

Chandrababu Naidu and Venkaiah Naidu speaking at different meetings on August 9, 2014, had announced that the capital city would come up between Vijayawada and Guntur. The statement hammered down the real estate prices in Nuziveedu, Gannavaram and Musunuru areas. NRIs and small traders who bought land in these places slipped into a financial crisis. Some of them committed suicide too.

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