KV Rao, former CMD of Kakinada Seaports Ltd (KSPL) has lodged a complaint with the Andhra Pradesh Crime Investigation Department (CID) alleging that 41 percent of shares in Kakinada Deep Water Port worth about ₹2,500 crore were forcefully acquired for ₹494 crore by Aurobindo Realty & Infrastructure Pvt Ltd.
As per the complaint, Rao alleged 41.12 per cent of shares in his family-owned Kakinada Infrastructure Holdings Pvt Ltd (KIPL) were ‘forcibly’ acquired by ARIPL. He sought an inquiry into the illegal role of YSRCP MP Vijaya Sai Reddy, his son-in-law Sarath Chandra Reddy and Y Vikranth Reddy (son of YSRCP leader YV Subba Reddy), ARIPL and the auditing firm PKF Sridhar & Santhanam LLP in the deal.
According to the complaint, the `forcible’ takeover of shares happened between May 2020 and February 2021. A complaint could not be lodged then, according to Rao, as YS Jagan Mohan Reddy was the Chief Minister.
The Kakinada port has been in the news after seizure of an Africa-bound cargo ship by the State Government while it was being `illegally’ loaded with 38,000 tonnes of rice of a part of which was meant for PDS.
According to state Civil Supplies Minister N. Manohar, “the port has become a hub of illegal export of rice worth ₹45,000 crore in the last five years after YSR Congress Party came to power in 2019”.
A CID investigation is currently underway on the alleged illegal export of rice from the port.