Naidu Suspends TDP MLC Vakati Narayana Reddy
Amaravati: Telugu Desam Party National President Chandrababu Naidu announced on Saturday about the suspension of the party MLC Vakati Narayana Reddy following CBI cases against him.
Naidu said that the suspension would be in force till the MLC is cleared from all the cases.
The CBI officials raided the premises of MLC Narayana Reddya��s house in Nellore in the last two days. The MLC is accused of bank defaults mounting up to Rs 450 crore, and failing to respond to the bank notices.
The State Bank of India, the Bank of Baroda, and the Indian Overseas Bank have lodged complaints with the CBI against the MLC, who is also the founding chairman of the VNR Group that runs infrastructure and construction projects.
The CBI officials have also searched the offices of Narayana Reddy in Hyderabad and Bangalore. On May 3, the income tax officials have also conducted raids on his offices.
Narayana Reddy, a Congress leader, defected to the ruling TDP after his defeat in the 2014 elections. He got elected to the Legislative Council from the local body constituencies after a big fight against the YSR Congress.