Vijayasai Reddy Appears for ED Investigation

YSRCP Rajya Sabha member Vijayasaireddy has appeared before the Enforcement Directorate (ED) for questioning regarding allegations of forcibly snatching shares in Kakinada Sea Port Limited and Kakinada SEZ.

The investigation stems from a complaint filed by Karnati Venkateswara Rao, claiming that his shares in Kakinada SEZ were taken from him by force. The Andhra Pradesh Criminal Investigation Department (CID) registered a case regarding the alleged forced acquisition of shares valued at Rs. 3600 crores in Kakinada Port Limited and Kakinada SEZ, which is associated with the YSRCP.

The ED is conducting its investigation based on the CID's case and is also looking into potential money laundering activities. It is noteworthy that the ED had previously issued a notice to Vijayasaireddy in connection with this case, but he did not attend the inquiry at that time due to ongoing Parliament sessions.

Recently, the ED issued another notice, prompting Vijayasaireddy to appear before them for questioning. Preliminary findings by the ED suggest that there were irregularities related to money laundering in the Kakinada Sea Port matter.

Additionally, notices have been issued to Vikrant Reddy, the son of YCP leader YV Subbareddy, and Sarathchandra Reddy, a director at 'Aurobindo,' in relation to this case. Vikrant Reddy informed the ED that he could not attend the inquiry due to health issues.

The CID's case is based on KV Rao's complaint, which alleges that threats were used to acquire his shares in the Seaport. Both Vijayasai Reddy and Vikrant Reddy are said to have played significant roles in this coercive "deal." The ED's investigation indicates a connection to substantial money laundering activities related to this matter.