Hyderabad:Leading financial institution ICICI Bank and the state government on Friday uncovered what BRS work chairman KT Rama Rao said about the allegations that Minister D. Sridhar Babu said was “meaningless, non-factual and wild” by the government that used Kancha Gachibowli land to raise funds.
Responding to the allegations filed by Rama Rao, which has provided a mortgage of Rs 1,000 crore to TGIIC, the 400-acre website, ICICI Bank said in a statement: “We want to clarify that we have not provided any mortgages to meet TeTangana State Industry Industry Industry Corporation (tsiic and TSIIC noctation in the Individual Insion Insion Ins Ins In Ins In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In In ). Issued to this Bond.
Earlier in the day, Rama Rao spoke at a press conference claiming that Chief Minister A. Revanth Reddy planned a $1.00 billion financial fraud against Kancha Gachibowli land, and the transaction involved ICICI Bank. He warned that banks could face failure and “if this practice continues, it will collapse.”
Rama Rao claims that while the chief minister was the “architect, executor and key figure” behind the scandal, “BJP MP promoted the crime of the scandal”. He even threatened that the party would write to the Reserve Bank of India, the company SFFAIRS, SEBI, the Central Vigilance Commission and the CBI’s investigation department that sought investigations. “If the Centre does not take action, then it will confirm BJP-Congress Nexus and we will contact the court. We will raise this in Parliament through our allies,” he said.
However, after clarifications from ICICI Bank and state governments, the facts became different.
On 400 acres of land won by IMG Bharata in 2003, the Revanth Reddy government has contacted the financial markets to raise funds and transfer the land to TGIIC to initiate the process.
“We follow the conventional and good fundraising norms for any state government to replace their property,” said Sridhar Babu. TGIIC has published rated, listed, senior, secured, taxable, redeemable non-convertible bonds on the basis of private placement, and for this purpose several investments and mutual funds have expressed confidence and invested in bonds issued by the company. The minister added: “ICICI Bank is just a cooperative bank for transactions.”
TGIIC-appointed IVA is a subsidiary of CBRE, a valuation consultant for the Bankruptcy and Bankruptcy Commission (IBBI Certified) of India, proving the land value to 205.63 million in October 2024. The Minister noted that brokerage firms were selected according to the competitive bidding process and paid in accordance with standard industry norms.
According to the Reserve Bank of India’s guidance, the government raised Rs 1,000 crore; he said in fact, the state government issued a direct debit authorization to grant the Reserve Bank of India’s bond issuance of US$999.528 billion, which the central bank has properly confirmed.
Sridhar Babu claims that after BRS’s “AI-made audio, pictures and videos have been exposed”, it has taken new attack lines primarily to reduce the growth and employment creation of cities. He said: “Just because people defeat you in elections, don’t think about your enemies.
Rama Rao claims that the bank illegally extended the loan, accepted mortgages for forest land belonging to the University of Hyderabad, and did not even check the site and verify the authenticity of the title claimed by TGIIC. Sridhar Babu said. “While no doubt that any bank has visited the field, as no loan represents investors, the bond trustee has properly conducted independent valuations of the land and confirmed that the land is suitable for the above valuation levels.”
