Andhra Pradesh‘s Nandyal MP SPY Reddy’s house raided by CBI reasoning defaulting of loans worth Rs.50 crore.
Central Bureau of Investigation conducted raids on Janan Sena Party leader and Nandyal MP SPY Reddy for defaulting loans worth Rs. 500 crore. Reddy had taken loans from State Bank of India as well as Syndicate bank to expand his industries.
According to reports, Mr. Reddy had taken loans to support and expand Nandi Group of Industries, which is the manufacturer of PVC pipes and other plastic products.
The raids were carried out even as the 68-year old MP was undergoing treatment at Care hospital in Banjara Hills in Hyderabad. Reddy was rushed to the hospital on April 9. The raids continued till late night when when he was admitted in hospital. He won the elections three times in the years 2004, 2009 and 2014 and this is the forth time he is contesting on behalf of the Janan Sena Party.
“The searches were carried out based on a complaint lodged against us by Syndicate bank over a loan guarantee extended to one of the group companies. Despite our assets present as collateral security with the bank, the manager flagged our corporate account for a probe which led to the searches,” said Sridhar Reddy, CBI official, Bengaluru who conducted the searches.