Actor, Hindupur MLA and Chandrababu Naidu’s brother-in-law Nandamuri Balakrishna is under the scanner as allegations are rife on him that he along with one of his relatives had bought 500 acres of land in Amaravati before the announcement of capital city.
Government sources allege that Balayya and his in-law bought 500 acres of land and they call it as “insider trading”. Government sources allege that several other TDP leaders had also bought large areas of lands in and around the capital before its declaration.
Responding on this, Municipal Administration and Urban Development Minister Botsa Satyanarayana on Saturday said that all aspects of the insider trading related to Amaravati capital would be exposed soon and he said no one would be left out.
While YS Jagan Mohan Reddy and his trusted aides have been alleging of an insider trading during TDP rule (2014-2019) since they were in opposition, the allegation is back after YS Jagan became the CM and this is now being linked to the dropping of loan from the World Bank. The World Bank dropped its loan of 300 million USD for Amaravati recently. AP state government’s request for 300 Million Dollars loan for the construction of capital Amaravati has been turned down by the World Bank.
“The irregularities in land procurement is one of the reasons for the World Bank to back out from funding the capital city project. The land procurement in Amaravati is a huge scam. The TDP leaders violated the oath of secrecy too,” said Minister Botsa yesterday at a press conference.
Meanwhile, Finance Minister Buggana Rajendranath Reddy also made some serious allegations on the floor of Assembly on Friday. He said severe irregularities were practiced by previous TDP government to bring Singapore Consortium on board.
According to Buggana, Singapore Consortium had entered into an agreement with the previous state government to develop 1691 acres of land in Amaravati. And AP government should in return bear 5500 Crore by developing infrastructure, facilities like street lights, roads, providing sand and giving land for free. While Singapore Consortium in its agreement stated that it would invest Rs 306 Crore, AP government would bear Rs 5500 Crore.
“In total, the state’s investment would be Rs 10,000 crore to Rs 12,000 crore. But, we will have a minor stake of 42 per cent, while Singapore Consortium will hold 58 per cent. Singapore Consortium will have 4 members as the directors and AP state government will only have 2 members as the directors in the board. This is clear case of irregularity by transferring full hold to Singapore Consortium,” said Finance Minister Buggana in the house alleging that TDP leaders had given out the contracts related to capital Amaravati by taking their cut.
While YCP and TDP leaders continue to make allegations and counter-allegations against one another, the growth and works of Amaravati Capital have hit rock bottom. TDP leader and MLA Nandamuri Balakrishna is yet to respond to the allegations against him.
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