KURNOOL: The CBI conducted raids on the house and offices of Nandyal MP SPY Reddy on Saturday. Acting on a complaint filed by a bank, CBI officials registered a case against the MP for his failure to repay loans. On Saturday, a team of CBI officials conducted raids at various places in the town from morning to evening.
During the raids, the CBI team seized some documents belong to the MP’s industries, especially Nandi group. According to sources, the MP had taken crores of rupees from several banks including State Bank of India and Syndicate Bank as loans for his Nandi Groups of Industries. But the MP has failed to repay the loans. Sources said that the MP and his firms have to pay at least `500 crore to various banks. Nandi Group managing director S Sridhar Reddy, SPY’s son-in-law have not responded to the calls made by TNIE. SPY has been undergoing treatment at a private hospital in Hyderabad.