VIJAYAWADA: Former Union minister and TDP Rajya Sabha MP YS Chowdary appeared before the Enforcement Directorate (ED) in Chennai on Monday for questioning in the money laundering case filed against him.The TDP leader, who appeared before the ED, on the directions of Delhi High Court, along with his advocates, was grilled for five hours. While coming out of the ED office, he didn’t respond to queries by mediapersons. It is not clear if he will be summoned again for questioning by the ED.
The ED, Chennai, initiated investigation into three FIRs filed by the Central Bureau of Investigation (CBI), Bengaluru, based on complaints from three banks stating that Best & Crompton Engineering Projects Ltd, Chennai (BCEPL), owned by Chowdary, caused a total loss of Rs 364 crore to the consortium of banks by obtaining loans from these banks through submission of false statements and accounts.
The loss caused to the consortium is — Rs 133 crore to Central Bank of India, Rs 71 crore to Andhra Bank and Rs 159 crore to Corporation Bank. The ED is investigating the cases under the Prevention of Money Laundering Act (PMLA). On October 8, the ED searched the premises of Sujana Group, headed by Chowdary. Again on November 24, the agency raided his official residence and offices in New Delhi and Telangana. After recording Chowdary’s statements, the summons was issued to him on November 27.
After conducting raids at eight places in Hyderabad and Delhi belonging to Chowdary, the ED said the companies owned by the TDP MP had defrauded banks to the tune of Rs 5,700 crore. It also seized some luxury cars from his residence in Hyderabad.
Following the summons from ED, Chowdary approached Delhi High Court and it asked the ED not to take any coercive steps against him pursuant to the summons issued to him in connection with the money laundering case, while asking him to appear before the ED on December 3.