CBI summons TDP's Chowdary over bank fraud cases

The Central Bureau of Investigation has summoned former union minister and Rajya Sabha MP from Telugu Desam Party Y S Chowdary in connection with a bank fraud case. He will appear before the Bank Security and Frauds Cell (BSFC) of CBI in Bengaluru and will be questioned by officials regarding a cheating case filed by Andhra Bank against Best and Crompton Engineering Projects Ltd (BCEPL), a firm manufacturing electrical equipment.

This comes weeks after the Enforcement Directorate (ED) attached assets worth Rs 315 cr of firms linked to him.

Considered to be a close aide of Andhra Pradesh chief minister Chandrababu Naidu, multiple cases have been filed against Chowdary for bank fraud. Chowdary, who was the union minister of State for Science and Technology in Modi government till 2018 has courted allegations of bank fraud ever since he was sworn-in as the minister. Based on the complaint of Hestia Holdings - a Mauritius based bank, a non-bailable warrant was issued against him in 2016 after he failed to repay loans in excess of Rs 100 cr.

In November 2018, FIRs were filed against BCEPL for causing losses to the tune of Rs 364 cr to three public sector banks, viz Andhra Bank, Central Bank of India and Corporation Bank. Based on these complaints, his properties in Chennai, Bengaluru and Hyderabad were searched by ED.