Amaravati: B Nagabhushanam was appointed as the Managing Director of Kapu Welfare and Development Corporation recently. After taking charge, he has constituted a task force to probe irregularities concerning the disbursement of loans and subsidies from the Kapu Corporation.
A five-member team would be appointed who would inspect all the units, which were granted funds from the corporation during the last five years. He said that the Kapu Corporation spent more than Rs 4000 Crore and they have received several complaints in the manner of disbursement and use of these funds in the past five years.
Nagabhushanam warned that the money would be recovered from those who have committed fraud and they would address all complaints related to the irregularities and fraud in granting of loans and subsidies.
He mentioned that the Andhra Pradesh State government was committed to empowering Kapu youths and the state government had allocated Rs 2000 Crore in the Budget recently for the Kapu Corporation.
Chief Minister YS Jagan Mohan Reddy was concerned about the welfare of the Kapu youth and was concerned that they all receive benefit from the funds equally and in a fair manner
As part of the Spandana initiative by the State government, Nagabhushanam said that “Kapu Spandana” would also be called for to address the grievances of the Kapu youth. An online mode would also be launched so that those who cannot attend the program or come to the office in person can send their grievances online, he added.