CBI raids on Jana Sena MP candidate over Rs 500 crore loan default

The Central Bureau of Investigation (CBI) has conducted the raids at the residence of Nandyal sitting MP and Janasena MP candidate SYP Reddy for alleged defaulting on loans worth Rs 500 crore.

As per sources, the raids continued till late in the night on 27 April (Saturday). During the raids, the documents related to few industries owned by SPY Reddy have been seized. The MP has availed loans to Rs 500 crore from various banks including SBI and Syndicate bank.MP SPY Reddy is the founder and chairman of Nandi group of companies, which is diversified into PVC pipes, cement, infrastructure, agro products, and dairy industries.

In 2014 elections, SPY Reddy has won as Nandyal MP on YSRCP ticket and later joined the ruling TDP. But during 2019 elections he switched to Janasena party and contested as MP candidate.At the time of the raids, SPY Reddy was admitted at Care Hospital, Banjara Hills in Hyderabad. His son-in-law Sridhar Reddy, who is also the MD of Nandi group was the only person present at the residence.