The Central Bureau of Investigation sleuths on Friday conducted raids on the house and offices of newly-elected MLC of the Telugu Desam Party Vakati Narayana Reddy in Vedayapalem, Nellore, creating ripples in the party circles.
Vakati is accused of defaulting payments for the loan of Rs 190 crores taken in 2014. The raids which began in the early hours were still going on when the reports last came in. Simultaneous searches are being done in Nellore, Bengaluru and Hyderabad offices.
The CBI has registered a case based on IFCI complaint. Vakati Narayana Reddy is famous industrialist turned politician and founder chairman of VNR Group of organisations in Nellore.
After losing elections in 2014 from Congress, he defected to TDP. Narayana Reddy is an “A” class contractor of Indian Railways also runs the VNR Constructions, VNR infrastructure and VNR logistics.
There are allegations against the minister that he has spent excessively in the recent campaign for MLC elections. He is allegedly defaulter for State Bank of India, Bank of Baroda and Indian Overseas Bank.
