CID Notices Served To Sai Reddy: What Next?

Former YSR Congress leader and trusted associate of Jagan, Vijay Sai Reddy is no longer active in politics as he announced his retirement a couple of months ago. He has mostly been winding down in recent times and staying away from the political spectrum.

However, the earlier misdeeds of Sai Reddy are more than likely to haunt him now, and the latest developments are suggesting the same.

Andhra Pradesh CID officials have now served the first round of notices to Sai Reddy in connection with the Kakinada Port shares hijack case. He was notified by the CID to appear for investigation on March 12, and the news has been communicated to the media.

This could be the first of many legal measures that could be taken to identify the regularities in the Kakinada port issue, which is one of the most controversial and sensational discrepancies in Andhra Pradesh politics.

Coming to the details of the Kakinada Port case, Karnati Venkateswara Rao (K.V. Rao), the Chairman and Managing Director of KSPL, filed a complaint alleging that upon YSRCP’s rise to power in 2019, audits were initiated to uncover purported financial irregularities within KSPL. These audits allegedly identified revenue suppression amounting to ₹1,000 crore between the fiscal years 2014-15 and 2018-19. Rao contends that, leveraging these audit findings, Sai Reddy and his associates pressured him into transferring 41.12% of KSPL shares, valued at approximately ₹2,500 crore, for a significantly lower sum of ₹494 crore. Similarly, a 48.7% stake in KSEZ, estimated at ₹1,109 crore, was allegedly acquired for just ₹12 crore.

This case has reached the Andhra Pradesh CID department now, and they have started the preliminary round of investigation.

Several YCP leaders, including Vikrant Reddy and Sai Reddy are accused in this case, and they could all be coming under the legal radar very soon. Notably Sai Reddy has already received the notices from CID.

Considering the fact that Sai Reddy is a former auditor for Jagan and knows several details about the financial matters of the former chief minister and also the fiscal records of previous YCP government, all hell could come down if he opens his mouth. These really are troubling and concerning times for the YCP camp as they would be anxious about Sai Reddy’s current mindset on Jagan.