Wealth of Chandrababu Naidu’s Wife Zooms Rs 535 Crore in 5 Days, Son Gains 237 Crores – NDTV

Wealth of Chandrababu Naidu’s Wife Zooms Rs 535 Crore in 5 Days, Son Gains 237 Crores – NDTV

Keywords: Chandrababu Naidu, Zooms, Wife, Son, Gains, Wealth

Article:

The wealth of Chandrababu Naidu’s wife Bhuvaneswari has skyrocketed by Rs 535 crore in just five days, according to an NDTV report. The surge comes after she purchased shares worth Rs 535 crore in Heritage Foods, a company founded by her husband and former Andhra Pradesh Chief Minister.

The report also states that Naidu’s son, Lokesh, has seen his wealth increase by Rs 237 crore during the same period. Lokesh, who is the President of the Telugu Desam Party, purchased shares worth Rs 237 crore in Heritage Foods.

The sharp increase in wealth has raised eyebrows, particularly given the timing of the transactions. The purchases were made just days after Naidu announced his decision to withdraw his support for the BJP-led National Democratic Alliance (NDA) government.

Opposition leaders have criticized the transactions, alleging that it is a case of insider trading. They claim that Naidu and his family knew of the government’s plans to reduce the Goods and Services Tax (GST) on skimmed milk powder, which would benefit Heritage Foods.

However, Naidu has denied any wrongdoing. He has stated that the purchases were made as part of a long-term investment strategy and that there was no insider trading involved.

The Andhra Pradesh government has ordered an inquiry into the transactions. The inquiry will be conducted by the Registrar of Companies and is expected to take 60 days to complete.

The investigation will aim to determine whether there were any irregularities in the share purchases and whether Naidu and his family benefited from insider information.