The Crime Investigation Department (CID) of the Andhra Pradesh police has registered a case concerning the alleged coercive transfer of shares worth ₹3,600 crore in Kakinada Sea Port (KSP) and Special Economic Zone (SEZ) from its erstwhile promoters to leaders of the YSR Congress Party.
The case was filed based on a complaint by Karnati Venkateshwar Rao (K.V. Rao), a former promoter of KSP and SEZ.
Rao alleged that he was pressured to transfer the shares by then Chief Minister Y.S. Jagan Mohan Reddy through Y. Vikrant Reddy, the son of Jagan’s uncle, Y.V. Subba Reddy.
In his complaint, Rao claimed he was threatened with fabricated cases against him and his family, the risk of their arrest, and the closure of their businesses.
Under these threats, he alleged, he was forced to transfer shares worth ₹2,500 crore in Kakinada Sea Ports Limited for ₹494 crore and shares worth ₹1,109 crore in Kakinada SEZ for a mere ₹12 crore to the Aurobindo Group.
The FIR states that assets worth ₹3,600 crore were allegedly taken under duress.
The charges include criminal intimidation (IPC Section 506), extortion (Section 384), cheating (Section 420), abetment (Section 109), forgery (Section 467), criminal conspiracy (Section 120B), and organized crime (BNS 111).
The CID has named several individuals and entities in the case, including Vikrant Reddy, YSR Congress Party MP V. Vijayasai Reddy, his son-in-law’s brother and Aurobindo Group representative P. Sharatchandra Reddy, audit firms PKF Sridhar and Santhanam LLP, Aurobindo Realty and Infrastructure Private Limited, its directors, and others.
