VIJAYAWADA: APCID, based on a complaint from Karnati Venkateswara Rao of KVR Group, a shareholder in Kakinada Seaports Limited (KSPL), registered a case against Y Vikranth Reddy, son of YSRC MP YV Subba Reddy, another YSRC MP V Vijayasai Reddy, his son-in-law Sarath Chandra Reddy, PKF Sridhar and Santhanam LLP and Aurobindo Realty and Infrastructure Pvt Ltd, its directors and others for fraudulently acquiring KSPL shares of KVR Group.
The case was registered on Monday evening under Sections 5O6, 3A4, 42O, lO9, 467, 12O(B) R/w 34 of IPC and section 111 of BNS 2023.
The original FIR along with the complainant’s report and enclosures were submitted to the IInd Additional Judicial First Class Magistrate Court, Kakinada, and a copy of the FIR along with the complainant’s report and enclosures was sent to CID DSP G Srinivas.
As per the FIR, the complainant has stated that after YS Jagan Mohan Reddy became Chief Minister in 2019, a special audit was ordered into KSPL though everything was in order.
After the special audit by PKF Sridhar and Santhanam LLP, a forensic audit by KROLL India was also held.
In May 2020, Vijayasai Reddy contacted KV Rao and asked him to listen to Vikranth Reddy and was informed that his son in-law would also be present. Citing special audit reports, the duo demanded that KVR group to part with 50% of KSPL shares, and the complainant informed that he only held 41.12% of shares through KIHP (Kakinada Infrastructure Holdings Pvt Ltd).
He said Vikranth Reddy informed that it was not him that was trying to acquire shares, but was being acquired by Jagan. If he did not agree to the transfer of shares, then there would be a spate of criminal cases and vigilance inquiries leading to his arrest and other family members.
During the preparation of the agreement, KV Rao came to know that the shares in KSPL and KSZ were being sold to Aurobindo Realty (renamed as Auro Infra Pvt Limited now).
Subsequently, KIHP had to transfer 41.12% of shares held by it in KSPL in favour of Aurobindo. Later, he was taken to Jagan, who simply asked him to listen to Vikranth Reddy, it was stated.
He said the share sale and purchase agreement between his group and Aurobindo was part of the fraud and coercion based on fabricated documents, employed by Vikranth Reddy in collusion with Aurobindo