CBI has arrested AP leader and MLC Vakati Narayana Reddy from Nellore district, in relation to a Rs.200 fraud case in Bengaluru. He belongs to TDP but the party suspended him last year after CBI served him notices in connection with the fraud case.
CBI has registered a case against the legislator alleging that he has obtained Rs 190 crore loan from IFCI and became a defaulter by not repaying the loan. V. Narayana Reddy owned VNR Infrastructures Ltd. (VIL) secured a loan of Rs. 190 crores for executing certain projects in 2014, against securities but their worth was highly inflated. VIL didn't repay the loans causing a loss of Rs. 205 crores to IFCI.
Vakati Narayana Reddy claimed earlier that he would follow procedure legally and he expressed his confidence that he will come out of the case clean.
CBI has registered a case against the legislator alleging that he has obtained Rs 190 crore loan from IFCI and became a defaulter by not repaying the loan. V. Narayana Reddy owned VNR Infrastructures Ltd. (VIL) secured a loan of Rs. 190 crores for executing certain projects in 2014, against securities but their worth was highly inflated. VIL didn't repay the loans causing a loss of Rs. 205 crores to IFCI.
Vakati Narayana Reddy claimed earlier that he would follow procedure legally and he expressed his confidence that he will come out of the case clean.