VIJAYAWADA: YV Vikranth Reddy, son of YSRC Rajya Sabha member YV Subba Reddy, approached the Andhra Pradesh High Court seeking anticipatory bail in a case registered against him by CID in Mangalagiri on December 2.
The case pertains to a complaint by Karnati Venkateswara Rao, who accused the petitioner of coercing him into transferring his shares in the Kakinada Seaports Limited and the Kakinada SEZ to Aurobindo Realty.
Vikranth Reddy, named as Accused No. 1 in the case, denied any involvement, claiming that it was politically motivated. His counsel argued that the CID had registered the case without conducting a preliminary inquiry to validate the charges. Additionally, it was highlighted that the share transfer process occurred entirely in Hyderabad, outside the jurisdiction of Mangalagiri CID.
Rao alleged that Vikranth Reddy used intimidation tactics to force the transfer of assets, besides misappropriating Rs 1,000 crore based on a ‘false audit report’. However, his counsel pointed out that no formal complaint was lodged against the audit firm, and no substantial evidence was provided to support the allegations.
Vikranth Reddy expressed his willingness to cooperate with the investigation and abide by any conditions imposed.
Highlighting the lack of prior criminal history and the risk of irreparable damage from potential arrest, his counsel sought an interim anticipatory bail until the court delivered its verdict on the primary petition.
Reports have surfaced suggesting that look out notices were issued against the petitioner, prompting him to file the anticipatory bail plea.