Amaravati, January 9, 2025: Karnati Venkateshwara Rao, former owner of Kakinada Sea Ports Limited (KSPL), has alleged that a conspiracy orchestrated by former Chief Minister Y.S. Jagan Mohan Reddy led to the forcible acquisition of assets worth Rs. 3,600 crore from KSPL and the Kakinada SEZ. Rao named YSRCP MP Vijayasai Reddy, Vikrant Reddy (son of YV Subba Reddy), and Aurobindo Pharma owner Sharath Chandar Reddy as key players in the scheme. He claimed that the asset transfers were conducted for Jagan’s benefit, with Vikrant Reddy openly stating that the deals were for the CM’s advantage.
Rao further revealed that in May 2020, Vijayasai Reddy pressured him to meet Vikrant Reddy and Sharath Chandar Reddy about the Kakinada Sea Port. He alleged that under threat of fabricated legal cases, he was coerced into signing documents for the asset transfer without being informed about the terms. Rao also described how inflated liabilities were reported in the audit, which ultimately facilitated the forced takeover of KSPL after Jagan became Chief Minister.
