After the TDP came to power, former Kakinada Sea Ports chairman KV Rao filed a CID complaint alleging YSRCP leaders forced him to sell shares at a low price. ED questioned Vijaya Sai Reddy for five hours
Published Jan 06, 2025 | 9:16 PM ⚊ Updated Jan 06, 2025 | 9:16 PM
Vijayasai Reddy(@VSReddy_MP on X)
Officials of the Enforcement Directorate on Monday, 6 January, questioned YSRCP Rajya Sabha member V Vijayasai Reddy at their office in Hyderabad in connection with his alleged role in the forcible acquisition of shares of Kakinada Sea Port Limited and Kakinada SEZ.
The ED filed an Enforcement Case Information Report (ECIR) based on the FIR issued by the CID against Vijayasai Reddy and others in the case.
After the TDP came to power in the state, former chairman of the Kakinada Sea Ports limited, Karnati Venkateswara Rao, also known as KV Rao, lodged a complaint with the CID against YSRCP leaders.
He alleged that he was coerced to part with the shares at a ridiculously low price. Based on his complaint, the Andhra Pradesh CID registered a case and issued an FIR. The ED officials questioned Vijayasai Reddy for five hours.
The ED suspects money laundering in the takeover of Kakinada Sea Port and has issued notices to YSRCP leader YV Subbareddy’s son Vikrant Reddy and Aurobindo director Sharathchandra Reddy.
Meanwhile, Andhra Pradesh CID officials have collected technical evidence, including call data, audio, video, and cell location records. During the inquiry, ED officials questioned Vijayasai Reddy about money laundering, share devaluation, and alleged threats from YSRCP leaders.
(Edited by Ananya Rao)
