BRS seeks ED probe against company linked to CM Revanth Reddy's son-in-law

Hyderabad: The opposition BRS in Telangana had sought the Enforcement Directorate to probe the source of funds and investments of a Hyderabad-based private pharmaceutical company linked to Chief Minister A Revant Reddy's son-in-law, Goluguri Satyanarayana Reddy.

BRS working president K T Rama Rao has accused the Revanth Reddy government of forcibly acquiring land in Lagacharla to allot it to the pharmaceutical company Maxbein Pharma, in which the chief minister's son-in-law has stakes.

BRS leader Manne Krishank on Tuesday lodged a complaint with ED in Delhi. In his complaint to the ED, Krishank had said that family members of Revanth's son-in-law have already had cases registered against them by the Enforcement Directorate in the past.

Under investigation, ED has disclosed that Goluguri Ramakrishna was accused of bank fraud and has diverted crores of funds to family members and to start other businesses. Ramakrishna Reddy is the paternal uncle of Revanth's son-in-law. BRS suspects that as ED mentioned the diversion of funds in a bank fraud case, there is a possibility of those funds being routed to Maxbien Pharma.

Krishank in his complaint to ED said that GoluguriSatyanarayana is a Director with 16,92,000 shares in the Hyderabad based Maxbein Pharma company. Another person, Annam Sharath, holds 1,08,000 shares, and SVS Facility Management Services Private Limited, in which Annam Sharath is also a director, has 20,33,333 shares in Maxbien Pharma.

He reminded that ED had on July 31 released a note with details of the IDBI Bank fraud case of availing fraudulent Kisan Credit Card loans. According to that ED's note, Goluguri Ramakrishna Reddy is being investigated as an accused in the case with charges of siphoning of loan amounts and diverting funds for the acquisition of immovable properties in their name and their family members'/benamis' names.

As per ED's note, they invested the diverted funds in other businesses. Golouguri Ramakrishna Reddy and Goluguri Venkata Reddy are brothers and hold business interests together. They both are directors in companies such as Nexus Feeds, Nutrient Marine Foods, Nancy Industries Limited, Neopride Pharmaceuticals, and Novelty Reddy and Reddy Motors, Krishnak said.

“It is well understood that the Goluguri family operates joint businesses. These businesses and directors have multiple cases of bank defaults and have faced auctioning of properties by Bank of Baroda, Syndicate Bank, etc., when they have failed to pay the loans. Goluguri Satyanarayana Reddy, the founder director of Maxbien Pharma, is the son of Goluguri Venkata Reddy. The company boasts of crores of authorized share capital. As the Enforcement Directorate has been investigating Goluguri Ramakrishna Reddy as an accused for bank fraud and diversion of funds, it is significant that Maxbien Pharma funds sources, financial statements, and Goluguri Satyanarayana Reddy's investments have to be enquired into,” said Krishank.

The BRS leader further said that it is pertinent as Maxbien Pharma has been expanding its business rapidly, Goluguri Satyanarayana Reddy would be benefiting out of the Pharma Cluster decisions taken by his own father in law Chief Minister of Telangana Anumula Revanth Reddy and efforts to acquire farmers lands in Kodangal of Telangana were initiated.

“Chief Minister Revanth has inaugurated a private hospital in which Maxbien Pharma Director Annam Sharath holds 5,08,808 shares. Krishank expressed his hope that a thorough investigation into Maxbien Pharma would be initiated.