CBI registers case against Hyderabad-based company

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“It was alleged that the private firm had applied for loans for the purpose of executing certain projects in the year 2014-15 to the tune of Rs 190 crore against security of immovable property which were given highly inflated values with the malafide intention, and did not repay the same, thereby causing loss of Rs 205.02 crore to IFCI Ltd,” CBI spokesperson R K Gaur said.

Besides Reddy and VNR Infrastructures Ltd, six other companies and unidentified public servants figure in the FIR.

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