Bank loan fraud case: TDP MP to appear before ED after winter session of parliament
Hyderabad ,November 26:
Former Union Minister and TDP Rajya Sabha member Y Sujana Chowdary, who has been allegedly charged of defrauding banks to the tune of Rs 5,700 crore by the Enforcement Directorate (ED), will appear before the agency after the ensuing Winter session of Parliament.
n the searches conducted on Saturday, the ED seized documents allegedly revealing Rs 5,700 crore of banks loan frauds by companies controlled by the MP and his associates besides six high-end luxury cars including a Ferrari, a Range Rover and a Mercedes-Benz reportedly belonging to Mr Sujana and summoned him for questioning on November 27.
The ED, which seized many documents during its searches at eight premises of Sujana Group companies in Hyderabad and Delhi, stated that we are probing Forex and FEMA violations into this.
The ED said the TDP MP was controlling the companies.
The ED also looking for about any link between 44 foreign companies mostly located in ‘tax haven’ countries and 94 Indian firms in the Sujana companies’ case.
A day after the seizing of bank fraud documents and luxury cars from Sujana’s residence in Hyderabad, the TDP MP in a press conference on Sunday night said I do not know about any companies in tax havens. I am not Chairman of any of the Companies. I quit as the Director of three companies which I founded in India, in 2010.
He said that ‘all the firms related to him were complying with rules’.
Borrowing from banks was not a crime and “loan default is not criminality”, he said if there is a default, then there is a certain procedure.
I have no idea why ED officials issued a release, saying a case under PMLA was filed, the Former Union Minister said.
He said all the companies are filing IT return and now GST returns. They are properly audited and documents are available online.
‘There is some outstanding loan on the three big companies Sujana Universal, Sujana Metal and Sujana Towers and not a hit-and-run case’, he added.