Andhra Pradesh

TDP leaders booked for ‘insider trading’

TDP leaders accused of purchasing vast tracts of land in Amaravati before GO on Capital

Former Andhra Pradesh Minister Nara Lokesh and senior TDP leaders P. Pulla Rao and P. Narayana have been booked by the Andhra Pradesh Crime Investigation Department (CID) under various charges, including cheating, criminal breach of trust and insider trading in massive purchase of lands in Amaravati region before the then TDP government issued a GO on December 30, 2014 notifying the 29 villages as Capital region.

The CID has already written to the Income Tax department and the Enforcement Directorate to probe allegations of huge purchase of lands by white ration card holders, suspected to be “benamis” of the senior leaders and also into allegations of huge money laundering in buying the lands.

Cases under Sections 418 IPC, 420, 406, and 409 IPC have been registered against the leaders.

Mr. Nara Lokesh, has been charged with purchase of land in the name of his benamis, Vemuri Ravi Kumar Prasad, former chairman of APNRT; Kanumuri Koteswara Rao and Cherukuri Ramakrishna. Mr. Ravi Kumar and Koteswara Rao were said to have bought lands to the extent of 25.91 acres during April 2014 to April 2019. All these transactions were carried out just before the GO 252, dated December 30, 2014, was issued by the government. Mr. Ramakrishna had also purchased 13.15 acres at Kanteru in April 2018.

The CID accused all the buyers of concealing the decision of the then TDP government to declare Amaravati as the Capital, buying lands at throw away prices and then making a windfall by selling the lands at exorbitant prices after the decision on the Capital was made.

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Printable version | Feb 18, 2020 3:51:27 AM | https://www.thehindu.com/news/national/andhra-pradesh/tdp-leaders-booked-for-insider-trading/article30640698.ece

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