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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One comment on "Naidu violated oath of secrecy, paved way for insider trading: CID report"

  • We will be surprised, if Chandrababu does not ntertain inside trading. We have seen this in Shamshabad Airport. Outer ring roads, high tech city etc. In the case of Shamshabad Airport, 2200 acres out of tota5500 acres were shifted in to Himayatsagar Catchment area covered by special GO111 & Supreme Court order of December 2000 with precautionary principle. Also, for around 1500 acres of government land around Rs. 43 crores paid as compensation. GPAs played the main role. Environmental groups filed PIL in AP High Court but friendly court dismissed the case. Next government when ORR alignment at some points was changed, TDP leader questioned on this. The government asked CBI to look in to this issue. I wrote a letter to CM asking him to include Shamsabad Airport land shifting in to Himayatsagar catchment area. However, this was not included. See The Hindu dated 28-09-2006 “Plea to include new Airport in CBI probe” – The Forum For A Sustainable Environment [myself Convenor] has demanded that the CBI inquiry ordered in to the outer ring road alignment include the International Airport, inner ring road and HITEC City at Madhapur. The ‘people in power’ along with their friends and families hads brought hundreds of acres of land at throwaway pices from farmers on their and benami names. Even assigned lands changed hands. Also the black money earned in this process was easily converted in to white. In this connection I met CBI. They took photo copies of my submissions and heard my representation for few hours and at the end said, sorry we can do little on this issue. 18th Eenadu & 19th Andhra Jythy reports clearly demonstrate the Amaravati planned to develop real estate capital of Andhra Pradesh. Surprisingly the same is true with Visakhapatnam. Neither of them giving importance to environment. Minting money is the basic criteria for selecting capital. When government wants develop four regional centres then why move the capital to Visakhapatnam? Why not build simple clean and green capital in the middle point of the state that will have access to all the districts and four centres!!! We know this will not create real estate to mint money. It is political game to mint money. Each one tell their version —- Inside trading will be there in Visakhapatnam also.

    Dr. S. Jeevananda Reddy

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