New Delhi, March 24 Samajwadi Party chief Akhilesh Yadav on Tuesday launched a sharp attack on the Bharatiya Janata Party (BJP) and Uttar Pradesh government over investment agreements, alleging that several Memorandums of Understanding (MoUs) signed under its rule lack credibility and have failed to materialise on the ground.
Questioning a recent high-value agreement, Yadav said that a company established in 2025, with its website also created the same year, had reportedly signed an MoU worth Rs 25,000 crore in 2026.
“How can a startup or a newly formed AI company make such a large investment so quickly? Somewhere, people from the BJP may be involved, who could be investing money in that company behind the scenes,” he alleged while speaking to IANS.
Raising further doubts, the SP chief claimed that the directors of the firm have “no real worth or wealth,” and questioned the source of such a massive financial commitment. “This is one such MoU — there have been several others earlier as well, companies with nothing to their name signing MoUs worth thousands of crores,” he added.
Yadav went on to allege that most MoUs signed under the BJP government are “fake,” arguing that if they were genuine, tangible outcomes would be visible through industrial policy incentives, budgetary allocations, or on-ground projects.
Meanwhile, the Uttar Pradesh government, led by Chief Minister Yogi Adityanath, issued a clarification regarding the MoU signed between Invest UP and startup Puch AI, amid scrutiny over the firm’s financial and operational capacity.
The government emphasised that such MoUs are preliminary and non-binding in nature. In a post on X, the Chief Minister underlined that these agreements serve only as an initial step before detailed due diligence and project evaluation.
The clarification comes amid discussions highlighting that Puch AI is a relatively young startup, reportedly around a year old, with annual revenue of less than Rs 50 lakh, raising questions about its ability to execute large-scale investment commitments.
Addressing the concerns, the government reiterated that any progress beyond the MoU stage would depend on rigorous scrutiny of the investor’s financial health, technical capability, and long-term viability. It also made clear that proposals failing to meet required standards would be automatically terminated.
Reaffirming its stance, the state government said it remains committed to transparency and accountability while promoting innovation-driven investments, particularly in emerging sectors such as artificial intelligence.
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