Vijayawada: The Telugu Desam Party had suspended MLC Vakati Narayana Reddy from the party as the CBI cases are filed against him. TDP chief N Chandrababu Naidu announced the suspension of the MLC and said that the TDP would not tolerate corruption at any level. He said that the suspension would be in force until the MLC is cleared from the cases.
Narayana Reddy was elected as MLC last month from the local bodies constituency from Nellore district. He joined the TDP after his defeat in the 2014 elections on Congress ticket.
Narayana Reddy is said to have taken loan of Rs 450 crore from the State Bank of India, Indian Overseas Bank and the Bank of Baroda for his VNR Group which is into construction and infrastructure activities. It is said that the banks have sent repeated reminders to him for repayment of the loan for which he had failed to respond.
Interestingly, on May 3, the Income Tax officials have also conducted search in his offices in Nellore, Hyderabad and Bangalore. The CBI officials too are now searching his offices in the three cities for the last two days. However, the MLC is not available at any of the three places during the CBI raid.
