Bank Attaches Minister’s Properties To Recover Dues of Rs 203 Crores

Visakhapatnam: The Indian Bank on Wednesday attached properties of Andhra Pradesh minister Ganta Srinivas Rao to recover dues of Rs 203.62 crore in a series of recoveries started by the Bank since last year.

In the latest development the Bank attached two properties of the minister's relatives who took a loan of Rs 141.68 crore in the name of 'Pratyusha Resources and Infra Pvt Ltd' by mortgaging those two properties. The current loan amount due to the bank stands at Rs 196 crores including interest. The said company did not respond to repeated reminders from the Bank to repay the loan.

Consequently, the Bank attached properties of Pratyusha Estate Pvt Ltd and Pratyusha Global Trade Pvt Ltd besides the properties of the minister, company directors Paruchuri Rajarao, Paruchuri Vekaiah Prabhakar Rao, Paruchuri Venkata Bhaskar Rao and Kondaiah Balasubramanium on December 26.

However, despite attaching the properties and giving a 60-day notice, none of the company directors nor minister Ganta Srinivas Rao responded. The Bank officials said that since there was no response the Bank on Wednesday issued 'position notice' to the company.