Kadapa MP Y.S. Jaganmohan Reddy prevailed upon his late father and former Chief Minister Y.S. Rajasekhara Reddy to ensure “nefarious deals” of allotting large extents of land to at least three major companies as a quid-pro-quo for investments made into entities owned by him.
The 68-page charge-sheet supported by 233 documents was filed after seven months of investigation by the CBI. Jaganmohan Reddy is the main accused in the case while his financial advisor V. Vijay Sai Reddy is accused number 2 in a list of 13 accused. The CBI gave no indication whether it plans to arrest Jaganmohan Reddy who was in Guntur on Saturday as part of his Odarpu yatra.
The charge-sheet highlighted how the Kadapa MP got shares allotted for himself at par in his companies Jagati Publications and Janani Infrastructure but mobilised funds for them at Rs.350 a share and Rs.102 a share respectively from companies and individuals who were allotted lands in the industrial parks and other ventures developed by APIIC in the special economic zones at Jadcherla and Pashamylaram.
The charge-sheet said Aurobindo and Hetero groups were allotted 150 acres of land on lease at Rs.7 lakh an acre in the green industrial park of APIIC at Jadcherla in Mahbubnagar. Acharya played a key role in the allotment without proper assessment of the requirement of land. He cleared the file saying the Chief Minister had decided the extent and rates. The transaction resulted in a loss of Rs.12.26 crore to APIIC as the rate fixed by the Price Fixation Committee of the government ranged from Rs.15 lakh-20 lakh an acre.
An extent of 30.33 acres of land at the Export Promotion Industrial Park of APIIC at Pashamylaram in Medak was transferred to Trident Life Sciences Limited by falsely representing that it was a 100 per cent subsidiary of Aurobindo Pharma. Otherwise, the deal was not allowed as per APIIC rules.