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200 Crore Fraud Case: Andhra MLC Arrested

In a whopping Rs 200 Crore fraud case, the Central Bureau of Investigation has arrested former TDP leader from Nellore district and MLC Vakati Narayana Reddy in Bengaluru. This is in connection with allegedly defaulting the financial institutions by not paying nearly Rs 200 crore loan amount.

Narayan Reddy wasd suspended from Telugu Desam after the investigating agency served notices on him last year.

The agency  registered a case against the legislator and his firm for obtaining a loan of Rs 190 crore from IFCI by using fabricated documents. He also defaulted  the bank by not  repaying the amount. He took the loan in 2014. He joined the TDP before the bifurcation of Andhra Pradesh.

Earlier speaking to media after suspended from the party, Vakati Narayana Reddy had stated that he would bind by the party's decision and said that he is indebted to TDP and Chandrababu Naidu for making him MLC. He had claimed that he would come out clean in the CBI cases.

Meanwhile, TDP is yet to respond on the arrest of Vakati Narayan Reddy. Amidst his arrest, it needs to be seen whether the party would request Legislative Council chairman Chakrapani to take action against Narayan Reddy or not.
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