The Crime Investigation Department of the Andhra Pradesh police on Thursday issued a lookout circular (LOC) against YSR Congress party general secretary and MP V Vijayasai Reddy in connection with the alleged forcible acquisition of majority shares in Kakinada Sea Ports and Kakinada Special Economic Zone during the Jagan Mohan Reddy government.
Along with Sai Reddy, lookout notices were also issued against Y Vikranth Reddy, son of another YSRCP MP Y V Subba Reddy and Aurobindo Pharma owner Penaka Saratchandra Reddy, who happens to be a close relative of Sai Reddy.
According to sources, the lookout notices were issued to pre-empt the accused from fleeing abroad to avoid the CID investigation into the alleged acquisition of shares worth Rs 3,600 crore in Kakinada Sea Ports Limited and Kakinada SEZ forcibly from Karnati Venkateswara Rao (KV Rao), the original promoter of the companies.
The primary accusation against Sai Reddy and others is that they had intimidated and threatened KV Rao, forcing him to transfer the majority of shares to the Aurobindo Group by filing false cases and threatening imprisonment.
The CID registered a case against the accused on Wednesday, based on a complaint from K V Rao, alleging that he had to transfer the shares under pressure from then chief minister Y S Jagan Mohan Reddy through Vikrant Reddy and Sai Reddy.
In his complaint, Rao alleged that he was threatened and coerced with threats of filing false cases against him and his family, arresting them, shutting down their businesses, and forcing him to transfer of shares worth Rs 2,500 crore in Kakinada Sea Ports Limited for Rs 494 crore and shares worth Rs 1,109 crore in Kakinada SEZ for Rs 12 crore to the Aurobindo Group.
Charges have been filed under IPC sections for criminal intimidation (506), extortion (384), cheating (420), abetment (109), forgery (467), criminal conspiracy (120B), and organized crime (BNS 111).
