Hyderabad: BRS Working President KT Rama Rao has accused Telangana Chief Minister A Revanth Reddy of being behind a massive Rs 10,000 crore land scam near the University of Hyderabad (HCU). He claimed that the State government secured a Rs 10,000 crore loan from ICICI Bank for land that is actually worth just Rs 5,239 crore.
Speaking at a press conference on Friday, KTR said a BJP Member of Parliament (MP) helped arrange the deal by introducing a broker company, which helped get the loan approved. He described the matter as a “criminal conspiracy” that not only misused public funds but also harmed the environment. KTR called Revanth Reddy the “main planner and executor” of the scam and promised that the BRS would fight for justice by demanding a full investigation by central agencies.
KTR alleged that the Congress-led State government used 400 acres of forest land next to HCU to get the loan. He said this land was protected by a 1996 Supreme Court ruling and should not have been used in this way. According to him, the Telangana Industrial Infrastructure Corporation (TGIIC) mortgaged the land even though it did not legally own it. There was no sale deed or transfer of ownership. He also said that the government inflated the land’s value to Rs 30,000 crore in June 2024, only to bring it down to Rs 16,640 crore in November. KTR believes this was done to sell the land at a cheaper price to people close to Revanth Reddy.
According to official records, the actual market value of the land is just over Rs 5,239 crore, which shows the land was overvalued, KTR said. He also accused ICICI Bank of giving the loan without doing proper checks. “How can a big bank like ICICI give Rs 10,000 crore without checking if the land belongs to the State or if it has any legal issues?” he asked. He warned that this could damage the bank’s reputation.
KTR said the bank trusted a broker company called Trust Investment Advisor Pvt Ltd, which was paid Rs 169 crore by the State. He also mentioned that another company, Beacon Trusteeship, was used as a front. He questioned why the bank approved the loan when the land was already involved in legal disputes.
He also said a BJP MP was involved in making the deal happen and promised to reveal the name soon. “If the central government does not act, it will show there’s a link between BJP and Congress,” he warned. KTR said the BRS will file complaints with several central agencies like the RBI, SFIO, SEBI, CVC, and CBI. He also urged Prime Minister Narendra Modi to order an investigation into the matter.
