Andhra Pradesh: Cabinet report finds Chandrababu Naidu involved in insider trading in Amravati

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The Cabinet Sub-Committee appointed by Andhra Pradesh Chief Minister YS Jagan Mohan Reddy, to probe into irregularities and insider trading in the state capital, Amaravati during the previous Chandrababu Naidu regime, submitted its report to the government.

The YS Jagan Mohan Reddy government will take legal opinion over the report before referring it to the law enforcement agencies.

Briefing media after the cabinet meeting, Andhra Pradesh Information Minister Perni Venkataramaiah (Perni Nani) said, “The cabinet sub-committee on insider trading in the capital region has found several irregularities and unfair practices during the previous TDP government”.

”The State will take legal opinion and then refer the matter to either Lokayukta or go for a CBI or CB-CID inquiry” the minister said.

The sub-committee report stated that a company owned by family members of Telugu Desam Party (TDP) leader Chandrababu Naidu was involved in the purchase of lands in July 2014. The report also stated that all details of the registration are available.

”The data of all the buyers of land on the peripheries of the capital region, ahead of the announcement of the name in December is with the government. The names include those who held high positions in the previous government including, ministers, their relatives, workers, and drivers,” Perni Nani said.

The transactions took place six months before December 2014, when the region of the proposed capital was named.” Perni Nani added alleging insider trading by close associates of Chandrababu Naidu and his party leaders.

Meanwhile, amid protests by farmers and opposition parties including TDP and the Bharatiya Janata Party (BJP), the YS Jagan Mohan Reddy government has put the discussion on ‘three regional capitals’ on hold.

Now, the government has decided to constitute another ‘high-power committee’ which will look into the report of the GN Rao Expert Committee, that was formed to look into Andhra Pradesh’s development, and private consultancy BCG report before taking a final call on the state capital.