Hyderabad, February 4: K.T. Rama Rao, the executive president of the Bharat Rashtra Samithi (BRS), has demanded an investigation into the alleged ‘benami’ company of Telangana Chief Minister Revanth Reddy.
In a press conference, KTR claimed that KLSR operates as a front for the Chief Minister and asserted that he possesses evidence to support his allegations.
The BRS leader stated that KLSR has been functioning as a ‘benami’ company for Revanth Reddy since its inception. He noted that the Supreme Court recently issued a notice to the Telangana government, seeking clarification on large-scale financial transactions occurring despite the company’s ongoing bankruptcy proceedings and allegations of attempts to influence judicial processes.
KTR accused Revanth Reddy of orchestrating a political drama from Davos under the guise of forming a Special Investigation Team (SIT) in a purported telephone tapping case, aimed at diverting public attention.
He called for an immediate investigation into the company and demanded that all operations of the bankrupt firm be halted until the inquiry is complete. KTR also urged for the company to be blacklisted and all contracts obtained without eligibility to be canceled.
He highlighted that enforcement agencies had raided KLSR in 2018, during which media reports linked the company to Revanth Reddy, who was then the state Congress president.
Subsequently, the company initiated bankruptcy proceedings in the National Company Law Tribunal (NCLT). KTR alleged that since taking office, the Chief Minister has facilitated the company in securing major government contracts.
He further mentioned that on September 27, 2018, the Income Tax Department raided the homes of Revanth Reddy’s relatives, revealing transactions between Sai Maurya Estates and KLSR.
The BRS leader noted that in July 2023, a dispute between KLSR and another company led both parties to approach the NCLT. Following this, KLSR filed a corporate insolvency resolution petition, which restricted financial transactions.
KTR claimed that Revanth Reddy was a key figure working behind the scenes to secure favorable decisions for the company. He referenced alleged financial transactions between the firm and Sai Maurya, linked to the Chief Minister’s brother-in-law.
He alleged that funds were transferred through KLSR to acquire large tracts of land and reiterated that enforcement agencies had previously recovered evidence during their investigations.
KTR asserted that despite being in a state of bankruptcy, KLSR secured government projects worth approximately ₹6,000 crores under the current administration, including the Amrut Scheme, Jal Jeevan Mission, Young India Residential Schools, Telangana irrigation projects, and road development initiatives.
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