Loan default case: CBI searches TDP MLC's premises

The CBI today carried out searches at the residence of Telugu Desam Party legislator Vakati Narayana Reddy in Nellore town in connection with a bank loan default case registered against him and his firm VNR Infrastructures.
According to highly placed sources, the probe agency conducted searches in the legislator's residence in Nellore besides VNR office in Hyderabad and also in Bengaluru.
The searches are still on and further details are awaited, they said.
Reddy, a former Congress MLC, was elected to the AP Legislative Council for a second term this month as the TDP candidate from Nellore Local Authorities constituency.

His firm VNR Infrastructures had obtained a Rs 190 crore loan in 2014-15 from IFCI and did not repay. The amount has now touched Rs 205 crore with interest, said CBI sources.
A case was hence registered against the firm, Narayana Reddy and six others in this connection.
Reddy had earlier denied his role in the case.