Jagan Reddy accuses Andhra Pradesh government of Rs 9,000 crore bond scam

27-Jun-2025

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Former Andhra Pradesh chief minister YS Jagan Mohan Reddy, has accused the ruling Telugu Desam Party (TDP) alliance government of gross financial mismanagement and constitutional violations in connection with the recent non-convertible debenture (NCD) issuance by the Andhra Pradesh Mineral Development Corporation (APMDC).

In a post on X, Jagan Mohan Reddy alleged that the current government displayed “a lack of fiscal discipline and disregard for the Constitutional framework”. 

He pointed to the second tranche of non-convertible debentures issued by APMDC on Jun 25, which raised Rs 5,526 crore at a coupon rate of 9.30 per cent. With this, the total amount raised through bond issuances stands at Rs 9,000 crore.