CBI officials conducted raids at TDP MLC Vakati Narayana Reddy’s house in Vedayapalem, Nellore on Friday morning. The raids are being conducted privately since Friday morning. Simultaneous searches are being done in Nellore, Bengaluru and Hyderabad offices. He is accused of defaulting payments for the loan of 190crores taken in 2014. The CBI has registered a case based on IFCI complaint.

Vakati Narayana Reddy is famous industrialist turned politician and founder chairman of VNR Group of organisations in Nellore. After losing elections in 2014 from Congress, he defected to TDP. Narayana Reddy is All India railway A class contractor runs the VNR Constructions, VNR infrastructure and VNR logistics. There are allegations against the minister that he has spent excessively in the recent campaign for MLC elections. He is allegedly defaulter for State Bank of India, Bank of Baroda and Indian Overseas Bank