Jagan Reddy accuses Andhra Pradesh government of Rs 9,000 crore bond scam
He further claimed that the TDP alliance government had, in an 'unprecedented manner', enabled private entities to gain direct access to the Consolidated Fund of the State through a Reserve Bank of India (RBI) direct debit mandate. According to him, this allowed private parties to withdraw money from the state treasury without the involvement of government officials — a move he described as a 'blatant violation' of Articles 203, 204, and 293(1) of the Constitution of India.As additional security for the bonds, the government allegedly mortgaged mineral assets valued at Rs 1.91 lakh crore to back NCD issuances of just Rs 9,000 crore. Reddy criticised the disparity, suggesting that the bonds were more securely backed than even the State Development Loans (SDLs) but were still floated at an unusually high interest rate.advertisementHe questioned why, despite such high-value security, the APMDC bonds bore a 9.30 per cent coupon rate — 2.60 per cent higher than the prevailing SDL rate — resulting in an additional annual burden of Rs 235 crore. Over the 10-year tenure of the bonds, this would amount to a substantial financial load on the public sector enterprise.Tagging Andhra Pradesh Chief Minister N Chandrababu Naidu in his post, Jagan demanded, 'Can @ncbn Garu answer as to who pocketed this?'He concluded by noting that the total budgetary and off-budget borrowings under the TDP alliance in the past 13 months had already exceeded 50 per cent of the borrowings incurred by the previous government over its entire five-year term.- Ends
IN THIS STORY#Andhra Pradesh
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