The Central Bureau of Investigation (CBI) officials have conducted raids on residences of Nellore TDP MLC Vakati Narayana Reddy over loan fraud.
Around 12 CBI officials divided into two groups reached Vakati’s residence in Nellore at 8 am in the morning and seized his mobile and also of his family members. They have conducted raids in connection with a bank loan default case registered against him and his firm VNR Infrastructures. CBI officials also conducted raids on Vakati’s Bengaluru residence.
VNR Infrastructures had obtained a Rs 190 crore loan in 2014-15 from IFCI and failed to repay the loan. The amount has now touched Rs 205 crore with interest