Andhra Pradesh: TDP MLC in CBI custody for fraud

NELLORE: The CBI reportedly took TDP MLC Vakati Narayana Reddy into custody in  Bengaluru on Sunday for cheating banks. It may be recalled that CBI sleuths had conducted searches at his house at Vedayapalem on May 12, 2017. Similar searches were conducted at his residences in Hyderabad and Bengaluru. He allegedly forged documents to secure loans to the tune of `443 crore from several banks including SBI, SBH, Bank of Baroda, and Indian Overseas Bank for VNR Infrastructures, Powertec Private Limited, Logistics Private Limited and others.

The banks declared him wilful defaulter after he refused to take notices issued by them for repayment of loans. VNR Group is owned by  Narayan Reddy. VNR Infrastructures Limited specialises in infrastructure contracts like rail signalling systems and telecommunication works, green field and brown field rail tracks, irrigation and aviation projects.

Narayana Reddy had made his political entry in 1993 as a follower of former Chief Minister Nedurumalli Janardhan Reddy. He joined TDP in 2014 and contested as MLC from local body authority in 2017.
Following allegations of wrongdoing, the TDP suspended Narayana Reddy from the party. But, recently, he was active in ruling party programmes.