CBI Raids On MLC Embarrass TDP
Amaravati: The ruling party in AP has faced a major setback today when CBI raids were conducted on a newly elected MLC, Vakati Narayana reddy at Nellore.
As per sources Vakati was a defaulter of loans from banks like SBI, Bank Of Baroda and IOB. Along with these Reddy is facing allegations about the huge amount spent on recent MLC elections.
As per Bank Sources, Vakati is a defaulter of more than 190 crores which was sanctioned by the above banks in 2014.
On IFCL complaint CBI registered case on MLC and raids were still going on Vakati properties in Hyderabad, Nellore and Bengaluru
Vakati is a big industrialist and realtor with project names like VNR Constructions, VNR Infra and VNR logistics. Vakati is a contractor in Indian railways too.
Vakati was defeated in 2014 when he contested as Congress candidate, later switched over to the ruling party and contested as MLC.
These raids on TDP MLC, Chairman of VNR Group Vakati have created tremors in the ruling party.