VIJAYAWADA: Municipal Administration and Urban Development Minister Ponguru Narayana said that stern action would be taken against all those involved in the large scale irregularities that took place in the issuance of TDR bonds. Replying to a question, he said a departmental inquiry and a probe by Anti-Corruption Bureau (AC B) would also be ordered into the irregularities.
A total of 3,301 TDR bonds were issued in 48 Urban Local Bodies and Urban Development Authorities during 2019-24 and irregularities were reported, he told the State Legislative Assembly on Thursday. In Tanuku alone, a scam to a tune of Rs 691.43 crore came to light where TDR bonds were issued at an inflated rate. As against the price of Rs 4,500 per square yard, TDR bonds were issued at the rate of Rs 22,000 per square yard and location was shifted to about 1.4 kms away from the actual site.
The actual cost of bonds were worth Rs 63.24 crore but they were issued for a whopping Rs 754.67 crore. This resulted in a scam of Rs 691.43 crore, he pointed out. Three officials were suspended in this connection. AC B probe is underway. Similar irregularities were brought to the notice of the government from Visakhapatnam, Guntur and Tirupati. MLA Arimilli Radhakrishna urged Narayana to take action against former minister Karunuri Nageswara Rao, who is the mastermind behind the bonds scam in Tanuku.
