Andhra MLC Arrested in Fraud case

Amaravati, Jan 22: The Central Bureau of Investigation (CBI) arrested industrialist and former Andhra Pradesh MLC V Narayana Reddy and DGM of the Industrial Finance Corporation of India (IFCI) VC Ram Mohan in a Rs 205.02 crore loan fraud case.

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

The CBI called Mr Reddy for an inquiry and arrested him after questioning. As the MLC had not repaid the loan, it had turned into a non-performing asset. The bank had served several notices to his construction company, VNR Constructions, but they were returned as he had shifted from the location.

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.