Amaravati: State Municipal Administration Minister P. Narayana has revealed a massive Rs. 700 crore scam related to Transferable Development Rights (TDR) bonds. The minister detailed how the scam occurred in various locations, including Tanuku, Visakhapatnam, Tirupati, and Guntur.
Minister Narayana pointed out that there were no complaints about town planning between 2014 and 2019. However, under the previous government’s tenure, significant corruption emerged in the handling of TDR bonds. In Tanuku alone, 29 bonds were manipulated. The required calculation ratio of 1:200 was inflated to 1:400, leading to considerable financial discrepancies.
In Guntur, similar malpractice was evident. A valuation discrepancy showed 9,000 yards being fraudulently inflated to 20,000 yards in the TDR bonds. Minister Narayana expressed his astonishment at the scale and audacity of the scam, emphasizing the involvement of hundreds of crores in corruption.
The minister assured that the matter would be discussed with CM Chandrababu Naidu to decide on appropriate action. He also made it clear to authorities that adherence to rules is mandatory, regardless of the leader’s rank. Minister Narayana affirmed that no one should act against the regulations, highlighting the government’s commitment to transparency and accountability.
