CBI Raids Residences Of TDP MLC Vakati Narayana Reddy

Hyderabad: The Central Bureau of Investigation (CBI) on Friday held simultaneous raids on the residences of TDP MLC Vakati Narayana Reddy.

The raids were held at Nellore, Bengaluru and Hyderabad following a cheating case filed by a consortium of banks for defaulting on loans. The MLC availed loans to the tune of Rs 450 crores from several banks for his company VNR Infra and defaulted on the repayments. The banks sent notices to Narayana Reddy on several occasions. As there was no response from him, the CBI was approached which held the raids on Friday. The banks include State Bank of India, Bank of Baroda and Indian Overseas Bank.

It may be recalled that Income Tax authorities conducted searches at his properties in Nellore, Sullurpet and Tada on May 3.