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CBI arrests industrialist and A P MLC V Narayana Reddy, senior official of IFCI for loan fraud

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(G.N.S) Dt. 22
Hyderabad
Central Bureau of Investigation (CBI) sleuths on Sunday night arrested industrialist and Andhra Pradesh MLC V Narayana Reddy and a senior official of the Industrial Finance Corporation of India (IFCI) in the 205.02 crore loan fraud case.
CBI’s Banking Security and Fraud Cell sleuths arrested the Nellore MLC along with V C Ram Mohan, DGM of IFCI, Bengaluru in connection with the fraud perpetrated at IFCI.
CBI had registered a case against the MLC and others on May 5, 2017 based on a complaint lodged by Pooja Tiku, DGM (Law), IFCI Ltd, New Delhi. After investigation, CBI added V C Ram Mohan as an accused and arrested him along with the MLC.
The two were produced before a CBI special court magistrate in Bengaluru.
Industrialist put up land as collateral, inflated price
On the request of CBI officials, the magistrate granted the agency three-day custody of the duo, a CBI official said.The complainant alleged MD of VNR Infrastructures Ltd (VIL), Narayana Reddy, along with G Pravin Kumar, director and chief finance officer of VIL, AP Industrial and Technical Consultancy Organisation (APITCO), MITCON Consultancy and Engineering Services Ltd, PKNR Estates Pvt Ltd, Indushree Housing Pvt Ltd, RKR Housing Pvt Ltd and unknown public servants had duped IFCI Ltd to tune of ?205 (principal+interest) crore by procuring ?190 crore loan between 2014 and 2015 by inflating security offered.
According to the complainant, the industrialist presented parcels of land in Mahbubnagar district and Medchal as collateral for the loan and inflated the land price to the extent of Rs 486 crore, whereas its original price was around Rs 30 crore.
As VIL defaulted in paying the loan, IFCI followed due procedure and lodged a complaint with CBI after realising about the fraud in 2017. CBI sleuths realised about involvement of IFCI official V C Ram Mohan and booked a case against him. CBI’s Bengaluru unit conducted searches at Ram Mohan’s properties in Garden City and Hyderabad and registered a DA case on December 28, 2017.

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