CM Revanth Reddy’s recent tour to the United States has sparked controversy over alleged shady deals and dubious investment announcements. Critics are questioning the legitimacy of the companies involved and the substantial sums purportedly pledged for investment in Hyderabad.
Allegations have surfaced that bogus companies have been introduced with claims of investing hundreds of crores. Walls Karra Holdings, which announced an investment of Rs. 839 crore, is a company that reportedly started just four months ago. Many are questioning how such a new entity could muster such a substantial investment.
Questions are being raised about whether CM Revanth Reddy’s trip to America was aimed at bringing fraudulent companies to Hyderabad. The concern is that these companies are being touted as significant investors without proper due diligence.
The controversy further deepened with claims about a company named Swachh Bio. Critics pointed out that the company lacks a website or any social media presence, making its Rs. 1,000 crore investment pledge seem dubious. It is also alleged that the company was floated only a few months ago by the CM’s brother.
Adding fuel to the fire, Trigyn Technologies’ plan to hire 1000 people in Hyderabad has also been scrutinized. Critics have pointed out that the faces of the company’s leadership were hidden during the announcement, leading to suspicions about the deal’s legitimacy. Only after it was pointed out on social media, the CMO posted pictures of CM with the company’s owners.
There is widespread criticism that Revanth is indulging in these bogus investments just to create an impression that his governance is attracting huge investments to the state. However, keeping Telangana’s brand and future in mind, the Congress government should come clean on these allegations.