If the Narendra Modi government at the Centre has its way, there will be a thorough investigation by Serious Fraud Investigation Office into the alleged corporate frauds indulged in by Andhra Pradesh chief minister N Chandrababu Naidu’s family concern Heritage Group of Companies.
The SFIO is an independent agency, working under Union ministry of corporate affairs and it will probe into corporate frauds.A Hyderabad-based lawyer Immaneni Rama Rao, has filed a complaint with Registrar of Companies, seeking probe into alleged frauds indulged in by Heritage group, including corruption and tax evasion.Rama Rao is the same advocate on whose complaint the Income Tax department authorities conducted raids on firebrand former MLA from Kodangal A Revanth Reddy last month.
The advocate alleged that Naidu’s wife Nara Bhuvaneshwari and daughter-in-law Brahmani had floated several shell companies such as Megabid Finance and Investment Private Limited, Red Hills Logistics and Warehouse Private Limited, Nirvana Logistics and Warehouse Private Limited, Heritage Conpro Limited, Nirvana Private Limited and Nirvana Power Private Limited. He demanded a probe by SFIO.
Now, the question is whether Naidu would be able to stall investigation by SFIO, as he had done to stall the CBI and IT raids.
Sources said Naidu would not be able to do anything if the Centre really conducts raids on Heritage, as its head office is located in Hyderabad, where there is no ban on entry of CBI or other central agency.
“A lot of irregularities will come out if the Centre conducts probe into the allegations,” sources close to the advocate said.
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