The Karnataka Industrial Area Development Board (KIADB) has found itself in the spotlight after revelations that Ranya Rao, a Kannada actor arrested in a ₹12.56 crore gold smuggling case, was allotted 12 acres of land in Tumakuru by the previous BJP-led government in early 2023. The controversy raises questions about possible misuse of power in industrial land allocations.

Ranya Rao’s Arrest and Gold Smuggling Scandal

Ranya Rao, also known as Harshavardhini Ranya, was caught at Kempegowda International Airport carrying gold bars worth ₹12.56 crore. Subsequent searches at her residence led to the recovery of ₹2.06 crore worth of gold jewelry and ₹2.67 crore in cash. Authorities have seized ₹17.29 crore worth of assets, including ₹4.73 crore in properties, as part of the ongoing probe.

The Directorate of Revenue Intelligence (DRI) is investigating her links to an organized gold smuggling network, with suspicions that she may have acted as a courier for a larger syndicate.

Land Allocation Under BJP Sparks Political Debate

In a separate but related controversy, the KIADB confirmed that Ranya Rao’s company, Ksiroda India Private Limited, was granted 12 acres of industrial land in Tumakuru’s Sira Industrial Area on January 2, 2023. The land was approved for setting up a ₹138 crore steel manufacturing unit projected to generate 160 jobs.

The decision was made under the BJP-led government before Congress took power in May 2023. The 137th State Level Single Window Clearance Committee (SLSWCC) had reviewed and approved the project.

Congress Govt Denies Involvement

Reacting to the revelations, Minister for Medium and Large Industries M.B. Patil clarified that the land allocation process was initiated before Congress came to power. The KIADB also stated that the approval was based on business merits and was not politically motivated.

However, the timing of the land allotment, coupled with Ranya Rao’s arrest for gold smuggling, has raised concerns about possible irregularities in industrial land allocation and potential political favoritism.

Ongoing Investigation into Gold Smuggling Network

Authorities are now intensifying their probe to determine whether Ranya Rao’s business activities had any connection to the gold smuggling racket. The DRI and enforcement agencies are working to dismantle the larger syndicate responsible for the illegal trade.

With both political and financial angles to the case, the developments have sparked widespread debate on transparency in land allotment and industrial incentives in Karnataka.

The Upcoming IPOs in this week and coming weeks are Super Iron Foundry, Paradeep Parivahan.

The Current active IPO is PDP Shipping & Projects.

Start your Stock Market Journey and Apply in IPO by Opening Free Demat Account in Choice Broking FinX.

Join our Trading with CA Abhay Telegram Channel for regular Stock Market Trading and Investment Calls by CA Abhay Varn - SEBI Registered Research Analyst.