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VIJAYAWADA: Andhra Pradesh crime investigation department (CID) has issued a lookout circular (LOC) against YSRCP MP Vijayasai Reddy, his son-in-law and Aurobindo Pharma non-executive director Penaka Sarathchandra Reddy, and Vikrant Reddy, son of MP Y V Subba Reddy. The LOC was issued to prevent them from leaving the country in the case registered on Tuesday under various sections of BNS for extortion, cheating, forgery, and other offences.
The CID case concerns forced acquisition of shares valued at Rs 3,600 crore in Kakinada Seaports Limited and Kakinada SEZ from Karnati Venkateswara Rao (KV Rao) during the previous YSRCP govt. The investigation centres on accusations that they coerced Rao into transferring the majority shareholding to Aurobindo Pharma by threatening him.
The FIR registered by CID implicates Vijayasai for allegedly orchestrating a complex scheme to seize control of valuable assets. The complaint, lodged by KV Rao – a Hyderabad-based businessman – accuses Vijayasai and his associates of manipulating audits, forging reports, and leveraging political power to coerce him into selling his shares in KSPL and KSEZ at significantly undervalued prices.
Rao alleged that the “systematic pressure through fabricated audits” were endorsed by then AP CM YS Jagan Mohan Reddy. KSPL, which operates Kakinada Port under a concession agreement with the AP govt, was subjected to special audits 2019 onwards. Rao claimed these audits – conducted by PKF Sridhar & Santhanam LLP and KROLL India – fabricated findings of revenue suppression amounting to Rs 965.65 crore between 2014 and 2019.
Rao alleged that in May 2020, he was approached by Vikrant and Sarathchandra, who demanded that he sell his 41.12% stake in KSPL and 48.74% stake in KSEZ, and threatened with criminal cases, arrests, and damage to his other businesses if he refused. Rao claimed he was forced to sell his KSPL shares, worth an estimated Rs 2,500 crore, for just Rs 494 crore. His family’s shares in KSEZ, valued at Rs 1,109 crore, were “acquired” for just Rs 12 crore. Rao alleged the actions were carried out under the directives of Jagan.
Meanwhile, Vikrant, the main accused in the case, moved the HC seeking anticipatory bail. In his petition, Vikrant argued that he has nothing to do with the alleged offence and has been “unjustly implicated” in the FIR with an “ulterior motive” as he is the son of an MP and relative of a former CM. The allegations levelled against him and other accused are based on a “fabricated and exaggerated narrative”, he said in his plea.
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