The TDP's allegations come after the YSRCP issued a detailed statement alleging insider trading in Amaravati, when Chandrababu Naidu was the CM.

TDP alleges insider trading in Vizag Ready for CBI or FBI probe responds YSRCP MP
news Politics Monday, December 30, 2019 - 10:24

In another exchange of words, the ruling and Opposition parties of Andhra Pradesh have accused each other insider trading when they were in power. 

Reacting to the state government’s proposal to move the executive state capital from Amaravati to Visakhapatnam, the opposition Telugu Desam Party (TDP) has alleged that the leaders of the ruling YSRCP had bought land in the coastal city of Visakhapatnam and were planning to make profits via real estate, as they had prior information on the proposal.

The TDP's allegations come after the YSRCP issued a detailed statement alleging 'insider trading' in Amaravati when Chandrababu Naidu was the Chief Minister.

Last week, the YSRCP pointed out that a 4,075-acre land was purchased in Amaravati region just before it was declared as the capital in 2014. A cabinet sub-committee, headed by Finance Minister Buggana Rajendranath, “prima facie established irregular” land dealings and recommended a detailed investigation.

Responding to the allegations, Chandrababu Naidu had told reporters, "They are saying there is insider trading in Amaravati. Appoint a sitting or retired judge through the High Court and conduct a probe. If the allegations are true and if the probe establishes anything, take strict action against those responsible.”

He added, “I am asking the YSRCP, if they are ready for a CBI inquiry on what they have done in Visakhapatnam”, suggesting that YSRCP leaders had bought land in the city in advance. 

Responding to this, YSRCP MP Vijayasai Reddy, who is also known to be a close confidant of Chief Minister Jagan Mohan Reddy, said that Naidu was attempting to "create legal hurdles” for the capital proposal in Visakhapatnam. 

“Chandrababu Naidu is a hypocrite. He only trusts his own family and cares for their interests. He indulges in selfish politics. Only Naidu is truly capable of insider trading at such a large scale. We are not only ready for CBI inquiry, but we are also ready for FBI inquiry. There has been no insider trading (in Visakhapatnam),” he told reporters.  

Earlier this week, the cabinet sub-committee said that it 'established' that some TDP bigwigs were involved in insider trading.

Besides Naidu, the report said that former state minister Paritala Sunitha, former Vinukonda MLA GVS Anjeneyulu, businessman Lingamaneni Ramesh, who is known to be close to the TDP chief and Uravakonda MLA and PAC chairman, Payyavula Keshav, were the main beneficiaries of the alleged insider trading.

Read: Explained: Why Jagan govt is alleging the TDP manipulated land deals in Amaravati

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