The CBI has registered a case of cheating and corruption against Hyderabad-based VNR Infrastructures Ltd and its Managing Director V Narayana Reddy for allegedly causing loss of Rs 205 crore to Industrial Finance Corporation of India (IFCI) by loan default.
The CBI today carried out searches at multiple locations in Hyderabad, Bangalore and Nellore in connection with the case.
“It was alleged that the private firm had applied for loans for the purpose of executing certain projects in the year 2014-15 to the tune of Rs 190 crore against security of immovable property which were given highly inflated values with the malafide intention, and did not repay the same, thereby causing loss of Rs 205.02 crore to IFCI Ltd,” CBI spokesperson R K Gaur said.
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Besides Reddy and VNR Infrastructures Ltd, six other companies and unidentified public servants figure in the FIR.