In what can be a setback to the Andhra Pradesh government headed by chief minister YS Jagan Mohan Reddy, the Supreme court struck down the cases filed in connection with the alleged insider trading in land transactions at Amaravati.
Earlier The high court also gave a judgement to this effect, stating that there was no scope for insider trading in the land transactions.
Now the Supreme Court also ruled against the state Government.
The CID earlier filed cases against several people closer to Telugu Desam Party stating that they had purchased lands in Amaravati after being privy to the information from the then Chandrababu Naidu government that the area was being developed as the state capital.
The state government argued that the leakage of information to a select few people about the capital city amounted to insider trading. However, one of the buyers of the land Kilaru Rajesh moved the high court challenging the CID cases.
He alleged that there were no complaints from anybody who had sold their lands.
