CBI arrests AP biz man in bank fraud case

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.