CBI arrests AP biz man in bank fraud case

CBI arrests AP biz man in bank fraud case

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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