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In an incredible Rs 200 Crore fraud case, the Central Bureau of Investigation has captured previous Telugu Desam Party leader from Nellore locale and MLC Vakati Narayana Reddy in Bengaluru.
This is regarding supposedly defaulting the money related foundations by not paying about Rs 200 crore credit sum . Narayan Reddy wasd suspended from Telugu Desam after the investigating agency served sees on him a year ago.
The agency enrolled an argument against the official and his firm to obtain a credit of Rs 190 crore from IFCI by utilizing created records. He additionally defaulted the bank by not reimbursing the sum . He took the advance in 2014.
He joined the Telugu Desam Party before the bifurcation of Andhra Pradesh. Prior addressing media after suspended from the Telugu Desam Party ,previous Telugu Desam Party leader Vakati Narayana Reddy had expressed that he would tie by the Telugu Desam Party’s choice and said that he is obligated to Telugu Desam Party and andhra pradesh chief minister Chandrababu Naidu for making him MLC.
CBI has registered a case against the legislator alleging that he has obtained Rs 190 crore loan from IFCI and became a defaulter by not repaying the loan. V. Narayana Reddy owned VNR Infrastructures Ltd.
(VIL) secured a loan of Rs. 190 crores for executing certain projects in 2014, against securities but their worth was highly inflated. VIL didn’t repay the loans causing a loss of Rs. 205 crores to IFCI.
Vakati Narayana Reddy claimed earlier that he would follow procedure legally and he expressed his confidence that he will come out of the case clean.
He had asserted that he would tell the truth in the CBI cases. In the interim, Telugu Desam Party is yet to react on the capture of Vakati Narayan Reddy.
In the midst of his capture, it should be seen whether the Telugu Desam Party would ask for Legislative Council director Chakrapani to make a move against Narayan Reddy or not.