Hyderabad:
The Revanth Reddy vs KT Rama Rao feud has escalated after the Bharat Rashtra Samithi leader named the Telangana Chief Minister as the “mastermind, executor, and sole beneficiary” of an alleged Rs 10,000 crore scam linked to the development of 400 acres near Hyderabad Central University.
At a press meet Friday afternoon, Mr Rama Rao, or KTR, said his party wanted inquiries by federal investigation and vigilance agencies, and also singled out ICICI Bank for having sanctioned the loan to the state government without verifying ownership details, declaring it had “compromised” its credibility.
“Since the Congress government came to power 15 months ago, Chief Minister Revanth Reddy has been running the state with a ‘3D’ mantra – deception, destruction, distraction – wreaking havoc on the lives of the poor and the middle class,” the BRS leader began.
He accused the state government, which he claimed had transferred the land illegally, “is engaged in blatant financial exploitation … under the guise of development”.
The Congress responded sharply through MP Chamala Kiran Kumar, who dismissed KTR’s accusations as an attempt to divert public attention from the ruling party fulfilling its election promises.
Mr Kumar pointed out that there is, in fact, no question about the 400 acres of land belonging to the state government. He also pointed out KTR’s ‘red flags’ were driven by fears the Congress’ popularity would rise because of the welfare schemes it could set up with the money from the land mortgage.
Hyderabad Central University Land Row
The controversy revolves around the Congress’ plans to redevelop around 400 acres of land adjacent to the university. This led to protests from students and activists, who have argued the use of bulldozers violates Supreme Court orders and endangers wildlife in the area.
READ | Tension At Hyderabad University As Students Protest Against Bulldozers
The Supreme Court last week ruled against the state government, citing a report that warned of “alarming deforestation” and ordering an interim stay on any activity, except to protect trees.
READ | ‘Stop All Activity’: Supreme Court To Telangana On University Tree-Felling Row
“Congress, BJP Conspiracy”?
The “conspiracy”, according to KTR, also involved the opposition BJP.
According to him a BJP MP introduced Mr Reddy to a company, Trust Investment Advisor Pvt Ltd, that bypassed – for Rs 160 crore – Fiscal Responsibility and Budget Management rules.
A second company, Beacon Trusteeship, executed the scam, he claimed.
The scam, KTR has alleged, began with a Government Order transferring the 400 acres to the Telangana State Industrial Infrastructure Corporation, or TSIIC, at Rs 75 per acre.
But this transfer was never actually written into the books, he claimed.
Instead, the TSIIC then ‘mortgaged’ land it did not actually have, and land that, according to the Forest Conservation Act of 1980, the state was not allowed to take a loan against anyway.
And then, KTR claimed, ICICI Bank sanctioned a Rs 10,000 crore loan – valuing the land at Rs 30,000 per square yard when the market rate was Rs 26,9000 – without checking ownership.
The state, the BRS leader further claimed, then revised its own valuation – from Rs 52 per acre to Rs 41.6, thereby reducing total value from Rs 30,000 crore to less than Rs 17,000 crore.
KTR has alleged this is collusion by the state, broker firms, and ICICI bank. “Selling forest land is wrong… selling land that you do not even own is worse,” he declared.
“If BRS Returns…”
KTR, whose party was defeated in the 2023 Assembly election – its first defeat since the state was formed 11 years ago – said the BRS would approach the Reserve Bank of India, the CBI, and other federal agencies and financial watchdogs to demand a full investigation.
And, he declared, if Prime Minister Narendra Modi and Union Finance Minister Nirmala Sitharaman do not order a probe themselves, it will indicate ‘BJP-Congress collusion’.
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