CBI raids TDP MLC house in Nellore

Vastavam web : CBI teams have raided the house of TDP MLC Vakati Narayana Reddy at Nellore district on the entire day of  Friday. A CBI team reached Nellore in the wee hours and started searches. The CBI has received complaints on the MLC that he has taken loans from banks by producing fake document to banks. They have received complaints that he had received the loans from various banks around Rs.440. They also conducted search in his Hyderabad and Bengaluru residences and offices. On a complaint lodged by the Industrial Finance Corporation of India (IFCI), the CBI had conducted raids on Narayana Reddy’s house in Nellore. While searches were going on at the residence, the MLC reached his house.  It may be recalled that, State Bank of India, State Bank of Hyderabad, Bank of Baroda, Indian Overseas Bank have announced earlier that they would be seizing assets of the MLC who has been guarantor for VNR Infra, Powertec Private Limited, Logistics Private Limited and others. According to sources, Narayana Reddy had reportedly provided guarantee for a loan of Rs 443.27 crore from these banks to various companies. The dispute between the banks and the MLC has been going on.