HYDERABAD: CBI sleuths from Bangalore registered criminal cases against Nellore TDP MLC Vakati Narayana Reddy and others on Friday for duping the Industrial Finance Corporation of India Ltd (IFCI) by defaulting on loans running to crores of rupees.
Hours after the CBI officials registered cases, simultaneous raids were carried out at the residences of the accused in Banjara Hills and other parts of the city. Similarly, such raids were carried out in Bangalore and in Nellore in Andhra Pradesh. According to CBI officials, IFCI officials lodged a complaint against VNR Infrastructure, owned by Narayana Reddy and located at Banjara Hills in Hyderabad, and its managing director, a director and the chief finance officer, five other companies based in Hyderabad and Pune, and unknown public servants and others on the allegations of fraud, misrepresentation and cheating.
It was further alleged that VNR’s management had applied for loans for the purpose of executing certain projects in 2014-2015 to the tune of Rs 190 crore against the security of immovable property whose value was highly inflated with mala fide intention but did not repay the same, thereby causing a loss of ` 205.02 crore to IFCI Ltd. It is also reported that CBI officials are likely to question Reddy and other accused in connection with the case.