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Nation Current Affairs 23 Jan 2020 AP passes resolution ...

AP passes resolution to probe 'insider trading' in Amaravati

Published Jan 23, 2020, 2:04 am IST
Updated Jan 23, 2020, 9:06 am IST
Home minister M Sucharita says 4070 acres of land were cornered by families of powerful leaders
Tammineni Sitaram.
 Tammineni Sitaram.

VIJAYAWADA: The State Assembly passed a resolution for a comprehensive investigation into insider trading in Amaravati land purchases.

Home minister Mekathoti Sucharita read the resolution in the Assembly on Wednesday.


Speaking in the Assembly, Sucharita said that the government decided to conduct a probe into the allegations of insider trading in Amaravati. She said that the report submitted by the Cabinet sub-committee indicated insider trading was resorted to by certain leaders, their relatives and friends in purchase of 4,070 acres of land the capital region.

As suggested by Assembly Speaker Tammineni Sitaram, the government took the decision to hold an inquiry into the allegations.

The minister said that the probe would be entrusted to an independent agency. Government whip Kapu Ramachandra Reddy alleged that Telugu Desam supremo N. Chandrababu Naidu turned the capital into a real estate business to benefit party leaders by leaking the information before official announcement of Amaravati as State capital. He alleged that TD leaders purchased lands at throwaway prices in Amaravati.


Describing Naidu as a “leaker”, minister of agriculture K. Kanna Babu accused the TD leader of adopting deceptive methods.

“First he leaked false information about capital location and then correct information to a select people leading to massive insider trading,” he alleged.

YSRC MLA K. Nageswara Rao said that Mr Naidu and other TD leaders spread false information that Nuzvid would be the capital city of the State.

“While common man relying on the false information bought lands in Nuzvid, TD leaders and their relatives invested in Amaravati. This is nothing but insider trading,” he observed. (335wilyas)