Jana Sena Party (JSP) leader Nadendla Manohar on Monday alleged that the State government had raised a loan of approximately ₹91,253 crore through ‘reverse borrowing’, and the money was unaccounted for as it was hushed up by people in high positions. “The government owes an explanation for the scam,” he stated.
Addressing the media here on Monday, Mr. Manohar, who is the JSP’s Political Affairs Committee (PAC) chairman, said that the State government had mobilised loans to the tune of ₹17,392 crore in 2019-20, ₹30,765 crore in 2020-21, ₹33,844 crore in 2021-22 and ₹9,252 crore in 2022-23 through reverse borrowing. However, only a few in the higher echelons of power were aware of the accounts into which the money was being transferred, Mr. Manohar claimed.
The Finance Department officials were obviously maintaining silence over the issue in order to avoid any trouble as the Budget Session of the Legislative Assembly was likely to commence from February 4.
An ‘inquiry’ by the JSP revealed that the money was neither spent on any government schemes nor on the construction of projects, which gives rise to suspicions of diversion of funds, Mr. Manohar stated.
Mr. Manohar said the State government’s ‘misdeeds’ prompted two international banks to either stop entertaining requests for fresh loans or impose stringent conditions that could not be easily met. Chief Minister Y.S. Jagan Mohan Reddy lacked the courage to put the facts before the people and the YSRCP leaders would launch a malicious campaign of propaganda against those questioning his government’s failures, he alleged.
As far as the JSP was concerned, it would continue to expose the government’s actions that pushed the State into a major financial crisis. Party president Pawan Kalyan would soon resume his public meetings while due focus was laid on preparing the manifesto, Mr. Manohar added.