BRS working president KT Rama Rao received a blow in Kancha Gachibowli lands issue. Within hours after he made serious allegations against Telangana Government and ICICI Bank, the private sector bank condemned his allegations.

Opposition BRS MLA and former Minister KT Rama Rao held a press conference earlier in the day on Friday and made serious allegations against Telangana CM Revanth Reddy. He accused CM Revanth Reddy and a BJP MP of committing Rs 10,000 Cr financial fraud in 400 acre Kancha Gachibowli lands issue.

While it is normal for politicians to make allegations against each other, in KTR’s allegations ICICI Bank’s name sprang up.

KTR alleged that ICICI Bank has disbursed about Rs 10,000 Cr loan to Telangana Govt without even verifying the land at ground level. He accused Revanth Reddy Sarkar and ICICI Bank of colluding in the matter.

As KTR made serious allegations, ICICI Bank, immediately released a media statement on Friday evening.

“We would like to clarify that we have not provided any mortgage loan to Telangana State Industrial Infrastructure Corporation (TSIIC), and TSIIC has not mortgaged any land with us in relation to this bond issuance. We acted only as an account bank to TSIIC for receipt
of bond issuance money and interest servicing,” said ICICI Bank in its press release.

Though ICICI Bank did not mention KTR’s name, it is clear that the bank was forced to issue an immediate press statement, due to the grave nature of allegations made by KTR, who is not just an Opposition MLA but was also a Minister holding important portfolios of Municipal Administration and Urban Development, IT, Industries in the past BRS Govt.

With ICICI Bank’s condemnation, KTR will be put in an embarrassing situation. Already TPCC President Mahesh Kumar Goud rubbished KTR’s allegations as absolutely false and atrocious. Now the responsibility is on KTR’s shoulders to prove that his allegations have substance and are not just politically motivated.