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CBI raids TDP MLC house in Nellore
CBI sleuths on Friday raided the residences of TDP MLC Vakati Narayana Reddy at Vedayapalem here. A team of CBI officials reached Nellore in the early hours and started searches.
Nellore: CBI sleuths on Friday raided the residences of TDP MLC Vakati Narayana Reddy at Vedayapalem here. A team of CBI officials reached Nellore in the early hours and started searches.
They also initiated simultaneous searches in his Hyderabad and Bengaluru residences and offices. On a complaint lodged by the Industrial Finance Corporation of India (IFCI), the CBI had conducted raids on Narayana Reddy’s house in Nellore. While searches were going on at the residence, the MLC reached his house.
It may be recalled that, State Bank of India, State Bank of Hyderabad, Bank of Baroda, Indian Overseas Bank have announced earlier that they would be seizing assets of the MLC who has been guarantor for VNR Infra, Powertec Private Limited, Logistics Private Limited and others.
According to sources, Narayana Reddy had reportedly provided guarantee for a loan of Rs 443.27 crore from these banks to various companies. The dispute between the banks and the MLC has been going on.
Bankers had also announced that they will be going to seize assets of Narayana Reddy in Nellore district as the borrowing was based on surety of his 45.76 acres of land at Tamminapatnam village in Chillakur mandal.
He also got a loan for VNR Logistics with the surety on the land at Rachapalam of Ozili mandal. Even the banks authorities had issued notices to the MLC who has been guarantor for VNR Infrastructures informed that he had not received them. Notices served by the bank authorities were reportedly returned and bank authorities declared the MLC as wilful defaulter.
After losing elections in 2014 as a Congress candidate, Narayana Reddy defected to the TDP. There were allegations against him that he has spent excessively in the recent MLC elections.
