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The accused has been identified as V Narayana Reddy, a businessman. He was sent to the CBI office in Bellari road for some questioning where he was arrested by the CBI officials on Monday.
The company owned by Reddy – VNR Infrastructures – had applied for loans to the tune of Rs 190 crore for a few projects in 2014-2015 against security of immovable property, which were given highly inflated values. The company failed to repay the loans and the Industrial Finance Corporation of India went into a loss of Rs.205 crore. A case was filed against the firm and the Bengaluru CBI had conducted raids in May in several cities like Nellore, Hyderabad and Bangalore.