TDP MLA Ganta Srinivasa Rao is once again in news because of his default in repayment of huge loans. The Indian Bank officials have now given notice that Ganta’s properties will be auctioned in Vizag on December 20. These properties are worth Rs.35 Cr. This is far less compared to the Rs. 209 Cr loans taken by the former minister. All these loans are taken in the name of Pratyusha Resources and Infra Projects Pvt Ltd.
The bank officials are trying to identify other properties of the TDP MLA to recover the amount. One prime plot owned by Ganta in Vizag North segment is also being auctioned now. In the past, Ganta Srinivasa Rao faced allegations that he used the government lands as security to get huge bank loans.
Since YCP won power, Ganta is not active in politics though he won MLA seat from Vizag North. Rumours spread recently that he met BJP top leaders in Delhi to change party. Ganta didn’t attend Pawan Kalyan Long March despite Chandrababu asking him to do so. Ganta’s followers are confident that he will take a correct decision soon to suit the emerging political situation in AP.