CBI sleuths today raided TDP MLC Vakati Narayana Reddy’s residence in Vedayapalem of Nellore city following allegations that Narayana’s VNR infrastructures limited (VIL) applied for loans for certain projects in the year 2014-2015, but failed to repay. It has also conducted raids on Narayana Reddy’s properties in Hyderabad and Bangalore.CBI also registered a case against Narayana Reddy and seven others, including six companies and unknown public servants under various sections of the IPC and Prevention of Corruption Act based on IFCI Limited’s complaint of fraud, misrepresentation and cheating perpetrated by VNR infrastructures limited (VIL)..
The MLC had reportedly availed loans to the tune of Rs 450 crores from several banks for his company VNR Infra and defaulted on the repayments. The banks sent notices to Narayana Reddy on several occasions. As there was no response from him, the CBI was approached which held the raids on Friday. The banks include State Bank of India, Bank of Baroda and Indian Overseas Bank.
It may be recalled that Income Tax authorities conducted searches at his properties in Nellore, Sullurpet and Tada on May 3. A former resourceful Congress MLC, he had joined TDP last year and recently he was re-nominated by the party leadership to contest in the polls as party’s candidate, ignoring several aspirants in the party. He had registered resounding success.