Rs 205 crore loan fraud: Andhra Pradesh MLC V Narayana Reddy arrested by CBI

Mangalore Today News Network

Andhra Pradesh, Jan 22, 2018 : The Central Bureau of Investigation (CBI) arrested industrialist and Andhra Pradesh MLC V Narayana Reddy and DGM of the Industrial Finance Corporation of India (IFCI) VC Ram Mohan in a Rs 205.02 crore loan fraud case.

 

CBI had registered a case against the Andhra Pradesh MLC and others on May 5, 2017 based on a complaint lodged by Pooja Tiku, DGM (Law), IFCI Ltd, New Delhi.

After investigation, CBI added VC Ram Mohan as an accused and arrested him along with the MLC.

The two were produced before a CBI special court magistrate in Bengaluru and the probe agency later got 3-day custody of the duo.

It was alleged that V Narayana Reddy a prominent industrialist and MD of VNR Infrastructures Ltd (VIL) along with G Pravin Kumar, director and chief financial officer of VIL, AP Industrial and Technical Consultancy Organisation (APITCO), MITCON Consultancy and Engineering Services Ltd, PKNR Estates Pvt Ltd, Indushree Housing Pvt Ltd, RKR Housing Pvt Ltd and other public servants had duped IFCI to the tune of Rs 205 crore by inflating securities offered.

Vakati Narayana Reddy was elected as MLC on a Telugu Desam Party ticket from Nellore. However, he was suspended from the party last year after CBI filed an FIR against him.


courtesy:Yahoo