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CBI raids TDP MLC’s properties in Rs 205 crore loan fraud

CBI raids TDP MLC’s properties in Rs 205 crore loan fraud

Hyderabad: Fraud case has been registered against TDP MLC Vakati Narayana Reddy.
Central Bureau of Investigation (CBI) conducted simultaneous raids at his properties in Hyderabad, Nellore and Bangalore on Friday. The complaint was lodged against him by Industrial Finance Corporation of India (IFCI).

As reported by the Times of India, IFCI representatives stated in the complaint that VNR Infrastructures Ltd (VIL) had applied for loans for the purpose of executing Rs 190 crore worth projects in 2014-2015 financial year by placing the documents of certain immovable properties as security. According to CBI release the value of the properties kept as security was inflated with the malafide intention to not repay the loan. The accused have thereby caused a loss of Rs 205.02 crore to IFCI Ltd.

Based on the complaint, a case has been registered by CBI’s Banking Security and Fraud (BS&F) unit of Bangalore under various sections of the IPC and the Prevention of Corruption Act against VIL and V Narayana Reddy, a TDP MLC from Andhra Pradesh and MD of VIL, Ganji Praveen Kumar, Director and Chief Finance Officer (CFO) of VIL, AP Industrial and Technical Consultancy, Hyderabad, Midcon Consultancy and Engineering Ltd with its office in Pune and Bangalore, M/s PKNR Estates Pvt. Ltd, Hyderabad, Indusree Housing Pvt. Ltd, RKR Housing Pvt. Ltd and unknown government servants.

CBI sealed all the properties of TDP MLC including his residence at Nellore.