Former Anakapalle MP and former mayor of Vizag, Sabbham Hari landed into troubles as Visakha Co-operative bank issued him notices regarding non payment of the loans. The Cooperative bank of Visakhapatnam stated that, they will have to seize the properties of ex-MP that wer mortgaged while taking loan.
Sabbam Hari was Mayor for Visakha Municipal Corporation (VMC) and later was elected to Lok Sabha from Anakapalli constituency in 2009. Initially he was follower of late YS Rajashekara Reddy. But later he was part of Jai Samkyandhra party, floated by then CM Kiran Kumar Reddy. Recently he is supporting ruling TDP party and Chandra Babu Naidu, but he didn’t officially join TDP or any other party. He took the loan to buy Deccan chronicle building that was auctioned by Kotak Mahindra Bank. He is yet to pay the bank around Rs. 9 crores. The bank has issued notices to the former MP and finally this was included by the bank into their list of non-performing assets. As per RBI rules, bank issued to notices to seize the mortgaged properties of Sabbam Hari.
However, as per the version of Sabbam Hari, there is dispute on the property he bought from Kotak Mahindra and the case is still pending in the court and so he stopped the payments. But Vishakhapatnam cooperative bank is saying, they don’t know when the final verdict will be given in this case and they can’t wait on payment defaults until the verdict.
We will have to wait and see how this turns.
