KTR accuses CM Revanth Reddy in Rs. 10,000 crore Kancha Gachibowli land scam
Hyderabad: Bharat Rashtra Samithi (BRS) working president K.T. Rama Rao (KTR) has accused Telangana Chief Minister Revanth Reddy of orchestrating a Rs. 10,000 crore financial scam involving 400 acres of forest land near Hyderabad Central University (HCU), in the Kancha Gachibowli area.
Addressing a press conference on Friday, April 11, 2025, KTR alleged that the Congress-led state government illegally mortgaged forest land through the Telangana Industrial Infrastructure Corporation (TGIIC) to secure a massive bank loan, without proper ownership verification, environmental clearances, or forest department approvals. He described the incident as a “criminal conspiracy” and held Revanth Reddy directly responsible, calling him the “architect, executor, and key player” in the alleged scam.
KTR claimed that the 400 acres of land, which possess forest characteristics, were mortgaged by TGIIC despite the absence of legal documentation such as a sale deed, mutation records, or alienation process. According to him, the state government issued a Government Order (GO) in June 2024 valuing the land at Rs. 75 crore per acre (totaling Rs. 30,000 crore), but within five months, a new valuation reduced the per-acre rate to Rs. 52 crore, and later to Rs. 41.6 crore, drastically lowering the total value.
He questioned the rationale behind these reductions, alleging that the lowered valuation allowed the land to be transferred to individuals close to the Chief Minister at a fraction of its original estimated worth. According to KTR, the Stamps and Registration Department lists the market value at Rs. 26,900 per square yard, which translates to Rs. 5,239.84 crore for the 400 acres.
Questions Over ICICI Bank’s Role
KTR also targeted ICICI Bank, accusing it of approving the Rs. 10,000 crore loan without conducting basic due diligence. He alleged that the bank relied solely on the word of Trust Investment Advisor Pvt. Ltd., a broker firm that received a Rs. 169 crore commission. Beacon Trusteeship was named as another intermediary involved in executing the deal.
KTR warned that ICICI Bank’s credibility was at stake, suggesting its actions bordered on complicity. He said the bank approved the loan despite knowing the land was under litigation and lacked ownership clarity.
The BRS leader also criticized the environmental impact of the deal. He claimed hundreds of acres of forest land were cleared without any environmental impact assessment or central government approval, in violation of the Forest Conservation Act, 1980. He cited a 1996 Supreme Court ruling that requires any land with forest characteristics to be treated as forest land, regardless of ownership records.
“This isn’t just financial wrongdoing—forest land has been bulldozed, destroying trees and wildlife habitats overnight,” he said.
KTR alleged that a BJP Member of Parliament facilitated the scam by introducing the broker firm to the state government, which he claimed helped secure the ICICI loan. He promised to reveal the MP’s identity soon and warned that the central government’s silence would be viewed as evidence of a BJP-Congress nexus.
He further accused the state government of bypassing Financial Reporting and Monitoring (FRBM) norms and raised questions about the selection of broker firms involved.
KTR claimed the Rs. 10,000 crore loan, which was supposed to fund welfare schemes like Rythu Bandhu, was diverted to pay commissions and settle bills with contractors close to the Congress leadership. He said only Rs. 5,000 crore was reportedly used for farmer schemes, with the rest allegedly misappropriated.
“The Congress government is running on deception, destruction, and distraction,” he said, blaming it for failing to support farmers and the state’s economy.
He demanded the arrest of TGIIC officials and the Industries Department Secretary, and held the Chief Minister responsible for the entire operation.
Demand for Investigation
KTR announced that BRS would take the matter to national agencies including the RBI, SFIO, SEBI, CVC, and CBI. He urged Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman to order a full investigation. “We will take this to court if necessary. If the Centre doesn’t act, it will confirm suspicions of political collusion,” he said.
KTR alleged that this is only the beginning of a larger scheme, warning of further attempts to exploit Hyderabad Metropolitan Development Authority (HMDA) lands for another Rs. 60,000 crores.
He accused the state government of betraying public trust and criticized the Centre for ignoring past allegations against Revanth Reddy, including claims of misusing Rs. 1,137 crores under the Amrut scheme and irregularities involving Revenue Minister Ponguleti Srinivas Reddy.
KTR affirmed that the BRS will continue to pursue the issue relentlessly, both in court and in Parliament. “If we return to power, we will investigate every rupee and every tree lost. The people of Telangana deserve accountability,” he said.
He also highlighted discrepancies in banking practices, noting that ordinary citizens face strict scrutiny for small loans, while massive loans like this are cleared without verification. “The bank didn’t even check if the land existed,” he added.