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Indian Bank seizes AP Minister's Properties

By:  Tupaki Desk   |   30 Dec 2016 12:25 PM GMT
Indian Bank seizes AP Ministers Properties
AP Education Minister Ganta Srinivasa Rao's properties have been attached by Indian Bank for being a Guarantor for a loan which wasn't paid by the borrower. This include the residences of the Minister in MVP Colony in Visakhapatnam and at Chodavaram village.

Pratyusha Resources and Infra Limited borrowed a loan of about Rs 141.68 crore from Dhaba Garden branch of Indian Bank. The loan amount including interest has reached Rs 196.51 crore by December 13th this year. Apart from assets owned by HRD Minister, Properties of Directors of the Companies Paruchuri Raja Rao, Paruchuri Venkayya Prabhakar Rao and Paruchuri Bhaskara Rao were attached. Even properties of two more guarantors Kondayya Bala Subrahmanyam and Narni Amulya were seized. In addition, Assets of Pratyusha Global Trade and Pratyusha Estates too were attached. Altogether, About 26 properties have been seized so far.

Ganta Srinivasa Rao explained that he was one of the directors of the firm until 2009. He, however, claims to have resigned 7 years ago. 'Yes, I was one of the guarantor for the loan borrowed by them but they failed to repay it. If the settlement wasn't made by them, Then I myself would take the responsibility of paying the amount,' he told.