AP CM Suspends TDP MLC after the CBI Raids

Vijayawada, May 14: Within the hours after the CBI raids on the residences of TDP MLC Vakati Narayana Reddy from Nellore district in Andhra Pradesh, has been from the party by the Andhra Pradesh Chief Minister N Chandrababu Naidu.

Reddy has been facing charges that he cheated some banks to the tune of Rs 440 crore. He took money from the financial institutions by floating some companies Narayana Reddy had reportedly provided the guarantee for a loan of Rs 443.27 crore from the banks to various companies.



He also got a loan for VNR Logistics with the surety on the land at Rachapalam of Ozili Mandal. Even the bank's authorities had issued notices to the MLC who has been a 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.