Insider Trading Probe: CID Seeks Help of ED And IT Depts

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AMARAVATI: Cases were registered against former TDP ministers P Narayana and Prathipati Pulla Rao and a local TDP leader Bellamkonda Narasimha for allegedly resorting to insider trading in the capital region of Amaravati by the Crime Investigation Department (CID) after a woman named Pothuraju Bujji approached them and alleged that they had duped her and took 99 cents of land. Based on the complaint, cases were booked under the 420, 506, 120(B) sections and an investigation was underway.

Just a day after the cases were booked and as part of the investigation, CID officials identified that 797 white ration cardholders had purchased the land worth Rs 3 Crores each during 2014-15. They also identified that the land worth Rs 220 crores had been purchased by ration cardholders, SP said. The CID has now sought help of the Enforcement Directorate and Income Tax department to further investigate possible tax evasion and money laundering.

Andhra Pradesh Finance Minister Buggana Rajendranath Reddy earlier had said in the Assembly that the government has evidence that the TDP leaders and their supporters had purchased land to the extent of 4,000 acres during June-December 2014, before the government declared Amaravati the State Capital and initiated a probe into alleged insider trading.

As per reports ,Additional Director General of Police (CID) PV Sunil Kumar had spoken to the Chief Commissioner of Income Tax seeking the necessary inquiry into the benami transactions and submitted a list of suspicious transactions. It is reported that some of them did not have PAN cards while some belonged to the BPL category.

The CID has identified that 797 white ration card holders, including 268 PAN card holders, were involved in land transactions in 761.34 acres in Amaravati, Pedakakani, Tadikonda, Thulluru, Mangalagiri and Tadepalli mandals.

Also Read: Comprehensive Probe On Insider Trading In Capital Area Amaravati

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