Day after CBI raids, Naidu suspends tainted MLC Vakati Narayan Reddy from TDP
Naidu said, "Our MLC has been accused of fraud and CBI is probing the case so we are suspending him from party with immediate effect. Based on the conclusion of the inquiry, we will take further decision."
In Short
- Naidu suspends tainted MLC Vakati Narayan Reddy from TDP.
- On Friday, CBI conducted raids on the premises related to Vakati Narayan Reddy.
- He is accused of loan fraud.
Day after massive CBI raids on the premises related to businessman-turned-politician and Telugu Desam Party (TDP) MLC Vakati Narayan Reddy, party chief and Andhra Pradesh Chief Minister Chandrababu Naidu suspended him from the party.
Naidu said, "Our MLC has been accused of fraud and CBI is probing the case so we are suspending him from party with immediate effect. Based on the conclusion of the inquiry, we will take further decision."
CBI has registered a case on the complaint of IFCI Ltd against the TDP legislature V Narayana Reddy and seven others, including 6 companies and unknown public servants under various Sections of Indian Penal Code & Prevention of Corruption Act relating to fraud, misrepresentation & cheating perpetrated by M/s. VNR Infrastructures Ltd.(VIL).
It was alleged that Reddy's company M/s. VIL had applied for loans for executing certain projects in the year 2014-2015 to the tune of Rs 190 crore (approx) against security of immovable property which were given highly inflated values with malafide intention and did not repay the same, thereby causing loss of Rs 205.02 crore (approx) to IFCI Ltd.
On Friday, CBI conducted raids at multiple locations across three cities of Hyderabad, Bangalore and Nellore.
With inputs from GSS Raju