Guntur MP Galla Jaydev is facing allegations of conspiring with Bank Officials to grab a 3-floor building for a price less than half to that of market value.
Guntupalli Srinivasa Rao and his wife Padmaja owns a 3-floor building in Brundavan Gardens, Guntur. The couple obtained a loan of 2.30 crore on the property from Andhra Bank in the year 2013. However, They were unable to pay installments due to Rs 25 crore loss in Textiles Business. Prior to 2014 General Elections, Galla Jaydev took the building for party activities on rental basis. Now, The Owner accuse the local MP of conspiring with the Bank Officials to grab the property by violating the rules.
Guntupalli Padmaja met AP CM Chandrababu Naidu to complain against Galla Jaydev's unethical practice. She alleged,'We conveyed to CM that injustice is being done to us. Galla Jaydev has placed both the bids for acquiring the property. Rs 3.09 crore was offered for the asset worth Rs 8 crore. Chandrababu Naidu assured us that Galla Jaydev willn't participate in the auction'.
Guntupalli Srinivasa Rao: 'Debt Recovery Tribunal issued orders saying extra time will be given to us if we pay Rs 1 crore by June 24th. But, Bank Officials held the bidding even before the final date to favor the MP'.
On the other hand, Galla Jaydev condemned the allegations leveled against him. 'There is no question of encroachment. We obtained the property by taking part in the bidding,' he clarifies.
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Guntupalli Srinivasa Rao and his wife Padmaja owns a 3-floor building in Brundavan Gardens, Guntur. The couple obtained a loan of 2.30 crore on the property from Andhra Bank in the year 2013. However, They were unable to pay installments due to Rs 25 crore loss in Textiles Business. Prior to 2014 General Elections, Galla Jaydev took the building for party activities on rental basis. Now, The Owner accuse the local MP of conspiring with the Bank Officials to grab the property by violating the rules.
Guntupalli Padmaja met AP CM Chandrababu Naidu to complain against Galla Jaydev's unethical practice. She alleged,'We conveyed to CM that injustice is being done to us. Galla Jaydev has placed both the bids for acquiring the property. Rs 3.09 crore was offered for the asset worth Rs 8 crore. Chandrababu Naidu assured us that Galla Jaydev willn't participate in the auction'.
Guntupalli Srinivasa Rao: 'Debt Recovery Tribunal issued orders saying extra time will be given to us if we pay Rs 1 crore by June 24th. But, Bank Officials held the bidding even before the final date to favor the MP'.
On the other hand, Galla Jaydev condemned the allegations leveled against him. 'There is no question of encroachment. We obtained the property by taking part in the bidding,' he clarifies.