ICICI Bank Debunks KTR’s Allegation: What They Said?

The 400 acre deforestation drive that happened at the Hyderabad Central University is continuing to make political discourse in Telangana. In order to recognise the fire, KTR made a shocking allegation against Revanth Reddy and even involved ICICI Bank in this matter.

KTR stated that Revanth Reddy’s government somehow had the audacity to mortgage the 400 acres and got the grant for ₹10,000 Crore from the ICICI Bank. He suspected this all to be a fraudulent operation and said he would even write to the RBI governor to investigate this scam.

However, ICICI bank did not take long to react to KTR’s allegation as they publicly stated that they did not issue any money regarding this matter.

“We would like to clarity that we have not provided any mortgage loan to Telangana State Industrial Infrastructure Corporation (TSIIC), and TSIIC has not mortgaged any land with us in relation to this bond issuance. We acted only as an account bank to TSIIC for receipt of bond issuance money and interest servicing.” Read the statement from ICICI bank on this matter. 

While KTR tried to create a political controversy by naming Revanth Reddy and ICICI bank, in this case, the reputation of the two parties were at stake here. So the ICICI bank reacted just hours after KTR made this public statement. They have clearly stated that no money was issued nor any land was mortgaged. This immediately debunks the theory that was presented in front of the media by KTR.