Andhra Assembly seeks probe into insider trading in and around Amaravati- The New Indian Express

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By Express News Service

VIJAYAWADA:  The State Assembly on Wednesday adopted a resolution urging the government to conduct an immediate and detailed inquiry by an appropriate investigating agency into the alleged insider trading in and around Amaravati and punish those found guilty.

Moving the resolution in the House, Home Minister Sucharitha recalled that the Cabinet Sub-Committee, constituted on June 26 last year to review major policies, projects and key administrative decisions of the government since June 2, 2014, had concluded that large-scale insider trading was done before the formal announcement of Amaravati as the capital of the State.

“Official secrets were leaked out by responsible persons occupying positions of trust and responsibility,” the resolution says, insinuating that higher-ups in the previous TDP government had leaked information regarding the location of the capital to certain individuals close to them.

The House, pointing at the Cabinet Sub-Committee’s finding that land to an extent of 4,070 acres changed hands through insider trading, opined that more details could come up if a detailed investigation was carried out.

Supporting the resolution, government chief whip Srikanth Reddy reminded the House that it had discussed threadbare how insider trading was done and that even Speaker Tammineni Sitaram had directed the government to order a probe into it. 

Government whip Ramachandra Reddy alleged that former chief minister N Chandrababu Naidu had betrayed public trust and behaved in such a way as to benefit those close to him. 

Naidu master at leaking info: Kanna

 “They knew where the capital was going to be… bought lands there at throwaway prices and sought to sell them when prices rise after the announcement of the capital,” he said. Agriculture Minister Kanna Babu was more scathing. Describing Chandrababu Naidu as the master at leaking information, he said the former chief minister ignored norms to benefit his henchmen.

It appears that the government may order an inquiry into insider trading sooner than later now with the Speaker and the Assembly seeking an immediate probe. It remains to be seen whether the probe will be handed over to the CBI, CID or the Lokayukta. The sources said legal opinion has been sought and it is likely that the probe could be handed over either to the CID or the Lokayukta. Relevant information, already gathered, could also be shared with the Enforcement Directorate to probe the money laundering angle.

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