Kakinada Port Scam: All You Must Know

The Kakinada Port scandal has been the focal point of several discussions in Andhra Pradesh in recent weeks. Now, in a new development, it is established that Karnati Venkateswara Rao aka KV Rao has approached the AP CID with a complaint against YCP’s Vijayasai Reddy and two other individuals and two companies.

This complaint is in tune with the standing allegations of coercive acquisition of his share in Kakinada Deep Water Port (KDWP) by Aurobindo Realty & Infrastructure Pvt. Ltd. (ARIPL) which belongs to Vijayasai Reddy’s kin.

Rao named Vijayasai Reddy, his son-in-law Sarath Chandra Reddy, YS Subba Reddy’s son Vikranth Reddy along with two companies PKF Sridhar & Santhanam LLP. and ARIPL. in his complaint to the CID.

KV Rao stated that the mentioned individuals and these companies forcefully claimed his family-owned Kakinada Infrastructure Holdings Pvt. Ltd. (KIHPL)’s 41.12% share in Kakinada Port. He added that this oppression started after YS Jagan became the CM in 2019, while the actual coercive acquisition happened between May 2020 to February 2021 during the YCP tenure.

At that time, Jagan was the CM and the value of the properties associated with him were Rs 3000 crore so he couldn’t file a formal complaint against the men in power, Mr. Rao stated.

As per the complaint, this painful saga started in May 2020 when Vijayasai Reddy entered the picture, followed by other. They allegedly demanded Rs 1000 crore for the revenue share of the government of Andhra Pradesh.

Shockingly, Rao claimed that he was forcefully made to sign documents and agreements in favour of the Aurobindo Group that belongs to Vijayasai’s kin. He was allegedly threatened that he and his family members would be jailed if he doesn’t comply to their demands.

Allegedly, auditors, forensic audits, and fabricated documents were all used to of KSPL and Kakinada SEZ Limited.

In the end, KIHPL was forcefully, using fabricated documentation, deprived of its assets worth ₹2,500 crores and piled down to Rs 494 crore and KSEZ of its assets valued at ₹1,109 crore for merely ₹12 crore. He has complained against this hostile takeover to the AP CID and the agency is now bound to investigate the case.