The CBI on Monday arrested a former MLC from Andhra Pradesh in a bank fraud case.
V Narayana Reddy, also a businessman, was summoned for questioning to the CBI office on Ballari Road, and was later arrested.
The company owned by Reddy - VNR Infrastructures - had applied for loans to the tune of Rs 190 crore for a few projects in 2014-2015 against security of immovable property, which were given highly inflated values.
The company did not repay the loans and caused a loss of Rs 205 crore to the Industrial Finance Corporation of India.
A complaint was filed in 2017, based on which the Bengaluru CBI registered a case and conducted raids in May in several cities, including Nellore, Hyderabad and Bengaluru.
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