Friday, May 12, 2017
The Central Bureau of Investigation (CBI) today conducted searches at the house of TDP MLC Vakati Narayana Reddy at Vedayapalem area.
The searches were conducted following complaints by several banks with regard to the alleged default of loans of Rs.190 crore taken by Vakati and also takes up railway contracts. The banks to which he was a defaulter include the SBI and IOB.
It may be recalled that Vakati Narayana Reddy shifted his loyalities to the TDP in 2014 general elections from Congress.