Home » ED raids on Hetero exposed Jagan frauds: TDP

ED raids on Hetero exposed Jagan frauds: TDP

Hetero income rose by Rs. 5,389 Cr in Jagan rule: Bandaru
Jagan family, benami firms richer but AP bankrupt
AMARAVATI: TDP former Minister Bandaru Satyanarayana Murthy on Friday expressed concern that Chief Minister Y.S. Jaganmohan Reddy has turned Andhra Pradesh bankrupt in his two and half years rule while the companies of his family and his benamis were making huge profits with unaccounted money.
Satyanarayana Murthy said that the reported seizure of Rs. 100 Cr black money in the ED searches on Hetero Group revealed how Jagan Reddy was misusing his authority in AP to favour his benami companies. In 2017, the income of Hetero company was Rs. 2,360 Cr but it has gone up to Rs. 5,389 Cr now.
Addressing a press conference here, the TDP leader stressed the need for the Central Government to order a detailed probe into all the shady and illegal transactions of the Jagan Reddy benami companies. Everybody knew how Hetero, Aurobindo and Ramky companies have been acting as the right and left companies for the YS Jagan family for many decades. The meteoric growth of these companies required a deeper inquiry by the Central agencies.
Satyanarayana Murthy said that the AP treasury was nil while the YSRCP leaders’ pockets were full while Jagan Reddy’s benami companies became richer. In the past two and half years, the Jagan Reddy Government brought Rs. 2.50 lakh cr loans. There was no account for their expenditure. On the other hand, the CM’s personal wealth was increasing multiple times. The values of Government properties were falling while Jagan Reddy’s Bharati Cements’ shares were going up.
The TDP leader recalled that Hetero company was an accused number 1 in several quid pro quo cases. Jagan Reddy gave 108 acres of Government lands in Visakhapatnam to Hetero at very cheap rates after he became the CM. Another Rs. 265 Cr worth of nine acres land was given in Baypark in Vizag. Hetero income was Rs. 2,360 Cr in 2017, Rs. 2,418 Cr in 2018 and Rs. 2,361 Cr in 2019. In just two years, its income rose to Rs. 5,389 Cr under the Jagan regime. It rose by just Rs. 50 Cr to Rs. 100 Cr during the TDP rule.
Condemning ‘large scale corruption’, Satyanarayana Murthy said that India Cements Srinivasan, Nimmagadda Prasad and several bigwigs were in the list of Jagan Reddy’s illegal beneficiaries. This was why Nimmagadda Prasad’s confidante Zulfi Ravdjee was made the AP Government’s special representative to the Middle East. The Chief Minister should explain why he was not able to increase the revenue of the AP State when he was able to boost the incomes of his family and friends’ companies.
The TDP leader recalled how Jagan Reddy resorted to vicious propaganda saying that Rs. 6 Lakh Crore corruption took place during the TDP rule. He became the Chief Minister two and half years ago but could not prove any of such allegations. Hetero and Aurobindo were not making medicinal drugs but they were just hoarding black money of CM Jagan Reddy. PM Modi should give special focus to the ED searches and raids going on at the Jagan Reddy’s benami companies.

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