VIJAYAWADA: Citing an example of insider trading in capital Amaravati during the previous regime, government sources said Nandamuri Balakrishna, brother-in-law of former Chief Minister Nara Chandrababu Naidu and TDP MLA, and his in-law bought 500 acres of land even before the declaration of Amaravati as the State capital.
Chief Minister YS Jagan Mohan Reddy and other ministers have been alleging that the TDP government resorted to insider trading to benefit its leaders and close aides.
“Balakrishna and his in-law bought 500 acres of land in Amaravati even before the location of the new State capital was announced. It happened because they are relatives of former CM Naidu. There are several instances where large parcels of land were bought by TDP leaders and their aides. More skeletons will soon tumble out of the closet,” the sources added.
In a press conference on Saturday, Municipal Administration and Urban Development Minister Botcha Satyanarayana said that all the instances of insider trading pertaining to Amaravati capital region would be exposed.
He slammed the previous TDP regime for ‘cheating’ small, marginal, SC and ST farmers in the capital region in the name of land pooling scheme.
“The land procurement in Amaravati is a huge scam. The TDP leaders violated the oath of secrecy too. The irregularities in land procurement is one of the reasons for the World Bank to back out from funding the capital city project,” he observed.
The revelation indicates that the YSRC government is likely to take some tough decisions with regard to capital Amaravati.
The state government is expected to make its policy on Amaravati clear after the conclusion of the ongoing budget session of the Assembly.
Speaking in the state Assembly on Friday, Finance Minister Buggana Rajendranath alleged serious irregularities in the controversial Swiss challenge method adopted by the previous regime to bring Singapore Consortium on board.
The consortium entered into an agreement to develop 1,691 acres of land in Amaravati. Buggana said that while Singapore companies would invest Rs 306 crore, the state had to bear Rs 5,500 crore besides giving land for free.
“In total, the state’s investment would be Rs 10,000 crore to Rs12,000 crore. But, we will have a minor stake of 42 per cent, while Singapore Consortium will hold 58 per cent.”