Nation Current Affairs 12 May 2017 CBI carries out sear ...

CBI carries out searches at TDP MLC Vakati Narayana Reddy's house

PTI
Published May 12, 2017, 7:38 pm IST
Updated May 12, 2017, 7:38 pm IST
Reddy's firm VNR Infrastructures had obtained a Rs 190 crore loan in 2014-15 from IFCI and did not repay.
TDP activists felicitate Vakati Narayana Reddy, who won MLC local bodies seat in Nellore with a margin of 87 votes. (Photo: DC)
 TDP activists felicitate Vakati Narayana Reddy, who won MLC local bodies seat in Nellore with a margin of 87 votes. (Photo: DC)

Amaravati: The Central Bureau of Investigation (CBI) on Friday carried out searches at the residence of Telugu Desam Party (TDP) legislator Vakati Narayana Reddy in Nellore town in connection with a bank loan default case registered against him and his firm VNR Infrastructures.

According to highly placed sources, the probe agency conducted searches in the legislator's residence in Nellore besides VNR office in Hyderabad and also in Bengaluru.

 

The searches are still on and further details are awaited, they said.

Reddy, a former Congress MLC, was elected to the AP Legislative Council for a second term this month as the TDP candidate from Nellore Local Authorities constituency.

His firm VNR Infrastructures had obtained a Rs 190 crore loan in 2014-15 from IFCI and did not repay. The amount has now touched Rs 205 crore with interest, said CBI sources.

A case was hence registered against the firm, Narayana Reddy and six others in this connection. Reddy had earlier denied his role in the case.

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