The TDP leader and the then Chief Minister of Andhra Pradesh, Chandrababu Naidu, is known for heinous crimes and hence is known as the real who is 420 in AP. In a series of revelations, a number of crimes came to spotlight, thus, stripping him of his honor in front of the public in general.
In this article, we will discuss how the TDP supreme siphoned hundreds of acres of land and give them as gifts to his shady friends.
Chandrababu Naidu and His Associates
One of the most popular cases that came into the limelight is a Hyderabad based company that mortgaged its land at the Banjara Hills branch of Syndicate Branch for a loan. The piece of land in the discussion was located in the Guntur district. A sum of 9 crores was sanctioned by the bank to the business. However, due to unfavorable market conditions, the company took suffered losses.
In due course of time, the bank pressurized the business owner to pay Rs 3637 lakh as interest. The firm was able to pay a sum of Rs. 20 lakh and informed the bank that it has entered into an agreement with a company and would repay back soon. In the meantime, Chandrababu Naidu’s associate (the real who is 420 in AP) and businessman Lingamaneni’s followers cast their eyes on the piece of land and hence could not be ignored at all cost.
Lingamaneni and his followers devised new plans to siphon hundreds of crores to get the maximum out of the land. Incidentally, Lingamaneni’s firm owned an additional 10 acres of land near the piece of land, which he wanted to acquire in all ways possible. For this, he wanted to build a township on 13 acres of land.
In violation of rules, Lingamaneni exerted pressure on the bank officials to auction the piece of land. Despite the hesitation, the officials handed to finally bow down and didn’t recover the money from the concerned individual. On the other hand, while the land was worth Rs. 11.87 crore as per the loan valuation, the corny businessman paid only Rs. 10.85 crore for the same. To add on top of it, the bankers admitted that the land was worth Rs. 50 crore in the open market.
However, despite being an open scandal and the secrets been out in the open air, no action was being taken against the businessman, nor did the then Chief Minister, Chandrababu Naidu (the real who is 420 in AP), took any action against his associate.
Auction Despite The Offer Of Clearing All The Loans
In another event, a Hyderabad based company approached the Ongole branch of Syndicate bank for a loan. The individual required Rs. 31.75 crore of land to buy a spinning mill. For the loan, the businessman approached with a piece of land in Doddavarappadu village as security.
As per the estimates, in news the land was valued at Rs. 26.01 crores while the value of the plant and machinery was put around an additional Rs.15 crore. To win the trust of the bank, the businessman also laid out an additional area as a guarantee.
This time it was 6.19 acres of land facing the Nagarjuna University on the Guntur- Vijayawada highway. In 2014, before the bifurcation of the state, the bank had valued the plot at whooping Rs. 35.59 crore, whereas the company had also offered a guarantee of Rs. 3.13 crore and a corporate guarantee of Rs. 42 crore.
Following the bifurcation of the state, the price of the piece of land skyrocketed. It was in June of 2015 when it was valued at Rs. 75 crores. However, on the pressure of the then Chief Minister (the real who is 420 in AP), the bank noded that the company was not paying any bills. However, the company did pay Rs. Ten crores and wrote to the bank that given ample time he would completely pay the entire amount.
Despite the plea, the government auctioned the land and sold it to the shady businessmen at low prices. The then price of the land was more than Rs. 100 crore, however, the land was sold at Rs. 33 Crore. This highlights the real face of the corrupt Chief Minister, the real 420 in AP.
The Chandrababu Naidu is marked with a series of corrupt practices where the common men had to bear the atrocities. There is no end to corruption during his tenure and hence rightly signifies as the real who is 420 in AP. However, the power lies in our hands, and hence we should stop electing corrupt practitioners.
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