Officials of the Central Bureau of Investigation (CBI) conducted searches at the house of TDP MLC (local bodies) Vakati Narayana Reddy at Vedayapalem area in Nellore city on Friday.
The searches were carried out following complaints filed by several banks with regard to the alleged default of loans of about ₹ 190 crore taken by Mr. Reddy, who runs VNR Infra Group and also takes up railway contracts.
The banks to which he was a defaulter include the State Bank of India and Indian Overseas Bank.
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The CBI officials, who arrived here in the morning hours, started scrutinising various documents available at the house. This was in view of the complaints that Mr. Reddy submitted wrong certificates and documents regarding his financial dealings with the banks.
A Congress leader in the past, Mr. Reddy shifted his loyalty to the TDP after the 2014 elections.