FIR Against Aurobindo Pharma Official, Others for Alleged Rs 3,600 Crore Share Acquisition Scam
FIR
Vijayawada: The non-executive director of Aurobindo Pharma, Penaka Sarathchandra Reddy has come under scrutiny by the Crime Investigation Department (CID) of Andhra Pradesh along with several prominent figures for alleged forced acquisition of shares in Kakinada Seaports Limited (KSPL) and Kakinada SEZ, valued at Rs 3,600 crore, during the tenure of the previous YSRCP government.
The CID has issued a lookout circular (LOC) for Penaka along with YSRCP MP Vijayasai Reddy, and Vikrant Reddy, the son of MP Y.V. Subba Reddy, preventing the individuals from leaving the country as part of an ongoing investigation into a case filed under various sections of the Indian Penal Code, including extortion, cheating, forgery, and other offences.
According to a recent media report in the Times of India, the investigation focuses on claims that KV Rao, a Hyderabad-based businessman, was coerced into transferring his majority shareholding in these entities to Aurobindo Pharma, under threat of criminal action.
As per the FIR filed by CID, the MP and his associates are accused of orchestrating a series of actions aimed at gaining control of these valuable assets through intimidation and manipulation. The complaint, lodged by KV Rao, alleges that audits were manipulated, reports forged, and political power was leveraged to force him into selling his shares in KSPL and KSEZ at highly undervalued prices.
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