Hyderabad: The Telangana High Court on Monday directed the Central Crime Station (CCS) to give its contention on the petition complaining of inordinate delay in conducting investigation against former Union minister Y. Sujana Chowdary in a bank defrauding case involving fraudulent mortgaging of property belonging to others.
Chowdary, presently an MLA from Vijayawada (West), is facing allegations, along with other directors of companies belonging to his family, of obtained Rs.91 crore from EXIM Bank of India by fraudulently mortgaging around four-and-a-half acres of land that they had taken as sub-lease from the original lessee Voltas Ltd.
Justice B. Vijaysen Reddy was dealing with a petition filed by Habib Alladin, who claimed ownership of the land. He complained that CCS police were reluctant to conduct investigation into the FIR that was registered on February 1 against Chowdary, Sujana Universal, Verma Real Estate and other representatives of the company.
He submitted that except for registration of the crime, the CCS police have done precious little as regards investigation. He expressed doubts that Chowdary was pressuring the CCS police.
According to the petitioner, the property admeasuring 26,436.36 sq. yards, situated in Survey No. 129/3 part being Plot No.s 9 (P), 11 (P) and 12 in Town Survey No. 17, Bahlookhanguda village in Hyderabad district’s Ameerpet mandal (presently Sanathnagar), belongs to his family. It was given on lease in 1961 to Allwyn Works Limited for a period of 99 years. Later it was vested to Voltas Ltd, which had parted with possession of the land to the extent of 26,436 sq. yards in favour of Verma Realtors and Trading Private Limited in 2008 for a consideration of Rs.24 core. Verma realtors mortgaged the said properties to the Export-Import Bank of India on November 28, 2013, by standing as a guarantor for a loan availed by Sujana Universal Industries Limited, whose Chairman was Y.S. Chowdary. The petitioner alleged that the loan was obtained with the explicit object of enabling Sujana Universal Industries to default on eh loan repayment and thereby put his property worth more than Rs.400 crore to auction.
