Keshav alleged that YS Jagan Mohan Reddy and Buggana Rajendranath orchestrated an email campaign, with their aide Uday Bhaskar reportedly sending 200 messages urging investors to avoid APMDC’s ₹7,000 crore bonds
Published Jul 09, 2025 | 5:54 PM ⚊ Updated Jul 09, 2025 | 5:54 PM
Andhra Pradesh Finance Minister Payyavula Keshav (X)
Synopsis: Andhra Pradesh Finance Minister Payyavula Keshav has accused former CM Y.S. Jagan Mohan Reddy and ex-Finance Minister Buggana Rajendranath Reddy of sabotaging investor confidence in APMDC’s ₹7,000 crore bonds. He alleged that 200 discouraging emails were sent by an aide to national and global investors. CM Chandrababu Naidu has reportedly promised legal action, calling the act tantamount to treason
Andhra Pradesh Finance Minister Payyavula Keshav has kicked up a major controversy, accusing YSR Congress Party (YSRCP) leaders of acting against the interests of the state by allegedly orchestrating a campaign to discourage investors from subscribing to bonds floated by the Andhra Pradesh Mineral Development Corporation (APMDC).
Keshav reportedly brought the issue to the attention of Chief Minister N Chandrababu Naidu during the cabinet meeting held at the Secretariat in Amaravati on Wednesday, 9 July. He is said to have told the cabinet that such actions amounted to treason and urged that those involved be prosecuted under relevant laws. The Chief Minister is also understood to have taken a serious view of the issue and assured the cabinet that appropriate legal action would be initiated.
Speaking to media persons in Amaravati on Tuesday, 8 July, Keshav alleged that former Chief Minister YS Jagan Mohan Reddy and former Finance Minister Buggana Rajendranath Reddy were behind the email campaign against the government. He claimed that one Uday Bhaskar, allegedly close to the two leaders, had sent nearly 200 emails to national and global investors, urging them not to invest in the ₹7,000 crore non-convertible debentures (NCDs) floated by APMDC.
Keshav said that despite the attempt to sabotage the bonds issue, investors went ahead and subscribed to the bonds, placing their faith in the leadership of Chandrababu Naidu. He demanded that a case of treason be registered against Uday Bhaskar and legal action be initiated against Jagan Mohan Reddy and Buggana Rajendranath Reddy.
He further alleged that Uday Bhaskar, who lives in Germany, has publicly visible on social media in association with Y.S. Jagan Mohan Reddy — a connection that, according to Keshav, further confirms the conspiracy. He accused Jagan of continuing his efforts to damage the brand image of Andhra Pradesh, even after losing power.
Keshav also alleged that after failing to prevent investment through emails, Jagan Mohan Reddy prompted YSRCP leader Lella Appi Reddy to file a Public Interest Litigation (PIL) in the High Court to halt the bonds issue. Following this, more emails were reportedly circulated to investors, citing the pending court case.
He further claimed that YV Subba Reddy, a member of the Parliamentary Standing Committee on Finance and a YSRCP leader, had written to the Prime Minister, RBI, and SEBI opposing the bond issue. However, SEBI conducted an inquiry and found no irregularities, Keshav said. The minister stated that this coordinated campaign led to a 15-day delay in the bond subscription process.
Taking a final swipe at his predecessor, Keshav pointed out that it was Buggana Rajendranath Reddy himself who had cleared the issuance of bonds worth ₹7,000 crore in his capacity as Finance Minister on 15 March 2024. “Now tell me. Who has erred, you or I?” he asked.
(Edited by Ananya Rao)
