The YSR Congress Party described A.P. Chief Minister and TDP president N. Chandrababu Naidu as an “economic terrorist”, who was using his henchmen to plunder common man’s money from banks and other financial institutions.
The raids conducted by the Enforcement Directorate on the properties of former Union Minister and senior TDP leader Y. Satyanarayana (Sujana) Chowdary was yet another instance of how Mr. Naidu was trying to loot the financial institutions. Mr. Chowdary’s alleged economic offences came to light in 2016 itself and it was high time that he should be expelled from the Rajya Sabha, the YSRC said.
‘Shady deals’
YSRC general secretary C. Ramachandraiah alleged that Mr. Naidu was the “kingpin” behind the economic offences and was violator of all norms. Mr. Chowdary was one among the several front-men of Mr. Naidu who had been financing all the “shady deals” of the TDP.
In return, Mr. Chowdary was nominated to the Upper House in spite of pending cases of economic offences against him.
The TDP president insisted on giving a Cabinet berth to Mr. Chowdary despite reservations expressed by the Centre and he convinced the cadre about giving an opportunity to him on the ground that he was the “economic backbone” of the TDP.
Mr. Chowdary had “plundered” the savings of the common man in banks to the tune of ₹6,800 crore and diverted the amount through shell companies that he owned. The ill-gotten wealth was used to belittle the democratic institutions and violate norms in terms of buying MLAs from the opposition parties and funding elections held in the State.
He wanted the government to initiate steps against the corrupt bank officials who gave loans to Mr. Chowdary in spite of his negative net worth.