The Enforcement Directorate issued notices to top YSR Congress Party leaders like Rajya Sabha member V. Vijayasai Reddy and his son-in-law, P. Sarath Chandra Reddy of Aurobindo Pharma. Along with two others, son Y. Vikranth Reddy of the state’s richest man Y.V. Subba Reddy has also been called as part of a high-profile investigation.
The case revolves around allegations made by Karnati Venkateswara Rao, who claims that shares worth ₹2,500 crore from Kakinada Sea Port Limited (KSPL) and Kakinada SEZ were forcibly transferred at drastically undervalued rates. This complaint had earlier led to the Andhra Pradesh CID filing an FIR, and now, the ED has stepped in to probe potential money laundering.
According to the complaint, KSPL shares worth ₹2,500 crore were sold for a paltry sum of ₹494 crore, while SEZ shares worth ₹1,109 crore were sold at a highly reduced price to Aurobindo Pharma and Infrastructure Private Limited. These transactions have given rise to serious questions regarding financial malpractices and large-scale money laundering.
The CID of Andhra Pradesh found significant irregularities in the transactions, which led to ED increasing the investigation. When Vijayasai Reddy was summoned for questioning, he cited parliamentary responsibilities. Vikranth Reddy said he was absent due to health issues.
This case has drawn immense attention to corporate fraud and financial misdeeds. It shows that there is a need for greater transparency and accountability in business practices. The intervention by the ED indicates that it is interested in large-scale economic offenses and public interest.