HYDERABAD: The CBI conducted searches at six locations in both Telangana and Andhra Pradesh including Hyderabad, Kurnool and Nandyal in connection with the case registered against Nandi Grain Derivatives and SPY Agro Industries Ltd, and recovered several incriminating documents.
The companies are owned by the family of late Nandyal MP SPY Reddy and his son Sreedhar Reddy. Earlier, the CBI found that the accused in a conspiracy, availed loans from Bank of Baroda, Banjara Hills Branch, Hyderabad and later diverted the loan funds for personal gains. The accused submitted false statements to the bank and wilfully defaulted in repayments, resulting in a loss to the tune of Rs 61.86 crore to the bank.
Searches carried out at Prithviram Infra
Meanwhile, searches at Prithviram Infra, its partners Undavalli Raja Gopal, Boppudi Seshagiri Rao and other firms Naveha Enviro Engineers & Consultants, Hyderabad, Lorven Green Energy Projects Pvt Ltd, in connection with cheating Union Bank to the tune of Rs 8.15 crore, also led to recovery of several documents.