STOCK MARKET BSE NSE

CBI to investigate ‘insider trading’ in Amaravati

The CSC, in its report dated December 27, 2019, said public servants in the erstwhile AP government misused and abused their official positions to pre-determine the location of the new capital.

Published: 24th March 2020 08:13 AM  |   Last Updated: 24th March 2020 08:13 AM   |  A+A-

CBI Headquarters.

CBI Headquarters (File Photo | PTI)

By Express News Service

VIJAYAWADA: The State government, which had formed a Special Investigation Team (SIT) to look into allegations of corruption in the previous government and had ordered a CID probe into the alleged insider trading in Amaravati, on Monday decided to hand over the investigation into insider trading to the CBI.

In an order issued on Monday by the Home department, the government permitted the CBI to probe “irregularities committed by persons officiating in the erstwhile government of AP while designating the new capital area” as highlighted in the report of the Cabinet Sub-Committee constituted by the Jagan government to probe allegations of insider trading in Amaravati.

The government sent a report of the Cabinet Sub-Committee (CSC) to the Department of Personnel and Training (DoPT) and requested for the CBI to take up the investigation.

The CSC, in its report dated December 27, 2019, said public servants in the erstwhile AP government misused and abused their official positions to pre-determine the location of the new capital.

The CSC had said public servants in the erstwhile AP government abused their positions to pre-determine the location of the new capital, and subsequently purchased lands to unjustly and illegally benefit their associates, their companies and businesses, family members and/or political party members.

“The boundaries of the capital and its infrastructure were designed and modified to suit their personal interests,’’ the report said. The CSC report also said the officials, in violation of their oaths, revealed the privileged information about the location of the capital city to their associates.

The report of the Cabinet Sub-Committee also found several irregularities and illegalities with respect to procedure followed by the erstwhile government in acquiring lands, offences committed by dispossessing landless poor of assigned lands by an elaborate conspiracy, forgery, fabrication of  documents ,tampering of records.

‘Probe needed in international domain’

“Owing to the high-profile nature of the accused and the need to carry out a probe in the inter-State and internati-onal areas, it was felt that the case needs to be investigated by a national agency,” the State govt told the DoPT.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp