Gosh! KTR brands Revanth as kingpin of land financial rip-off
Hyderabad: BRS Working President KT Rama Rao on Friday accused Chief Minister A Revanth Reddy of masterminding a Rs 10,000 crore financial scam in the lands near HCU and also alleged that a loan of Rs 10,000 crore from the ICICI bank for a land value of just Rs 5,239 crore.
Reiterating his allegations KTR said that a BJP MP facilitated the scam by introducing the broker company, enabling ICICI’s loan approval, he claimed stating the name would be revealed soon. Addressing a press conference here on Friday, Rama Rao described the scam as a ‘criminal conspiracy’ that not only looted public funds but also caused irreversible environmental devastation, betraying the trust of Telangana’s people. Labelling Revanth Reddy as the ‘architect, executor, and key player’, Rao vowed that the BRS would pursue justice relentlessly, demanding a comprehensive investigation by central agencies.
The BRS leader alleged that the Congress-led State government manipulated 400 acres of forest land adjacent to HCU to secure a Rs 10,000 crore loan from ICICI Bank. He claimed the land, legally classified as forest land under a 1996 Supreme Court ruling, was illegally pledged without verifying ownership or obtaining environmental clearances. The Telangana Industrial Infrastructure Corporation (TGIIC) mortgaged the land despite lacking legal title, with no sale deed or mutation to establish ownership. He accused the government of inflating the land’s value to Rs 30,000 crore in a June 2024 Government Order, only to reduce it to Rs 16,640 crore by November, raising suspicions of a plan to transfer the land to Revanth Reddy’s associates at a lower price. According to the Stamps and Registration Department, the land’s actual market value is Rs 5,239.84 lakh, exposing the gross overvaluation, he alleged.
KTR accused ICICI bank of approving the loan without due diligence. “How can a bank of ICICI’s stature release Rs 10,000 crore without checking ownership or inspecting the land? This risks its credibility and could lead to its collapse,” he warned. He further alleged the bank relied on Trust Investment Advisor Pvt Ltd, a broker company paid Rs 169 crore by the State, and used Beacon Trusteeship as a front. He questioned the bank’s approval of the loan despite the land’s litigation status, calling it a “fraudulent act.”
Alleging political collusion, KTR claimed a BJP MP facilitated the scam by introducing the broker company, enabling ICICI’s loan approval. “This MP’s name will be revealed soon. The Central government’s inaction will confirm a BJP-Congress nexus,” he cautioned. He said that the BRS would file complaints with the RBI, SFIO, SEBI, CVC, and CBI, urging Prime Minister Narendra Modi to order a probe.
