Setback to Sujana Chowdary, Telangana High Court Junks Quash Petition of Srinivas Kalyan

Hyderabad: BJP MP YS Satyanarayana Chowdary, popularly known as Sujana Chowdary, received a major setback on Tuesday. The Telangana High Court dismissed the petition seeking the court to quash cases against K Srinivas Kalyan in the debt evasion case. 

The former CBI director Vijayarama Rao’s son Srinivas Kalyan Rao had filed a quash petition in the high court. He is an accused number 3 (A3) in the bank loan fraud case. Srinivas is accused of having secured loans from various nationalised banks using his father’s influence. 

The Enforcement Directorate officials had conducted a series of raids at the residence and properties of Srinivas in 2016 for allegedly cheating banks to the tune of over Rs 300 crore. 

The accused obtained loans from various banks by mortgaging properties of companies of which he is managing director. Srinivas is understood to have secured loans worth Rs 60 crore from Andhra Bank and Rs 124 crore from Central Bank of India.

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Meanwhile, the high court allowed Sujana Chowdary to travel to the US and Europe from June 30 to August 14. The court also directed the CBI to clarify whether its lookout circular against the BJP MP was still in force.