Hyderabad: The Telugu Desam and Neeraja Rao, the woman who won the land case against Jagan Mohan Reddy’s uncle Ravindranath Reddy, filed a complaint with the Anti-Corruption Bureau against the AP State Finance Corporation and Ravindranath Reddy on Saturday.
The complaint said that Haritha Fertilisers, owned by Ravindranath Reddy, obtained a loan of Rs 28 crore from the AP State Finance Corporation by submitting fake property documents as security and diverting funds drawn from the corporation for other purposes.
Sobha Hymavathi Devi, president of Telugu Mahila, alleged in her complaint that “APSFC okayed loans without following the guidelines of the Reserve Bank of India and without obtaining guarantees from all the directors of the company.
The properties offered as security were not scrutinised, and government and illegal property was accepted as security. APSFC sanctioned loans to Harita Fertilisers from 2008 till 2013 without following norms. APSFC didn’t obtain the opinion of the other lenders who had sanctioned loans worth Rs 39.5 crore.”
The APSFC sanctioned loans bowing to illegal influences, Sobha Hymavathi Devi alleged. Neeraja Rao alleged that Ravindranath Reddy obtained a loan of Rs 8 crore from APSFC by pledging the land which he had actually sold.
“He got 1028 square yards of land registered in his name in 2008 by violating Urban Land Ceiling rules. In 2010, 514 square yards of the said land was sold to Ravi Kumar. But in 2011 Ravindranath pledged the entire 1,028 square yards of land to APSFC and obtained a loan of Rs 8 crore.
While Ravi Kumar obtained a loan of Rs 3.86 crore from Andhra Bank other loans were taken using the same piece of land,” alleged Neeraja Rao, and added that Ravindranath Reddy had resorted to a series of irregularities. Neeraja Rao said that she went to the Anti-Corruption Bureau along with the Telugu Desam leader and filed her complaint.
