CBI raids on TDP MLC Narayana residencies

Hyderabad, May 13: The CBI sleuths have conducted continuous raids for 9 hrs at TDP MLC Vakati Narayana Reddy's properties in Bangalore, Hyderabad, and Nellore here on Friday morning.

He was accused in relation to a fraud case registered against him and seven others based on the complaint lodged by Industrial Finance Corporation of India (IFCI).

In their complaint, IFCI representatives stated that VNR Infrastructures Ltd (VIL) had applied for loans for the purpose of executing Rs 190 crore worth projects in the 2014-2015 financial year by placing the documents of certain immovable properties as security.

IFCI lodged a complaint with the CBI after Narayana Reddy failed to respond to notices.

Narayana Reddy is a former Congress MLC who later defected to TDP in 2014 after losing the elections. He allegedly defaulted on loans worth of Rs.443.27 Crores had taken from the State Bank of India, Bank of Baroda and the Indian Overseas Bank.



"The value of the properties kept as security was not repaid the loan. The accused have thereby caused a loss of Rs 205.02 crore to IFCI Ltd," the CBI release stated.

CBI simultaneously searched the offices of the accused firms and individuals at Hyderabad, Bangalore, Nellore and seized incriminating evidence. The CBI sealed all his properties including his residence at Nellore.