If reports from a section of the media are to be believed, the Enforcement Directorate (ED) has reportedly initiated an investigation into the alleged forcible acquisition of shares in Kakinada Seaport by a firm linked to YSR Congress Party general secretary V Vijay Sai Reddy during the Y S Jagan Mohan Reddy regime.
According to these reports, the ED has, at first glance, identified significant money laundering associated with the deal.
Notices have reportedly been issued to Y Vikranth Reddy, son of YSR Congress Party (YSRCP) Rajya Sabha MP Y V Subba Reddy, who is accused of playing a central role in the questionable transactions.
The controversy came to light when K V Rao, the original owner of Kakinada Seaport, filed a complaint with the Andhra Pradesh CID, alleging that he was threatened and coerced by individuals close to Jagan into selling his shares at an undervalued price.
Rao claimed that his shares, worth â¹2,500 crore, were forcibly sold for just â¹494 crore under duress. He alleged that he was summoned to Vikranth Reddy’s residence in Hyderabad, where he was pressured to agree to the deal and informed that the directive came from Jagan himself.
Based on Rao’s complaint, the CID registered a case, naming Vikranth Reddy as the prime accused (A1), along with others, including MP Vijay Sai Reddy, officials from the audit firm Sridhar & Santhanam, and Aurobindo Pharma, the purported beneficiary of the deal.
After reviewing the complaints and evidence, the ED has concluded that money laundering likely occurred in connection with the transaction.
The agency has intensified the investigation, issuing notices to Vikranth Reddy to uncover further details about the alleged money laundering activities.