ED raids TDP MP Y S Chowdary's residence in Delhi; seized Ferrari, Range Rover in bank loan fraud case

The Enforcement Directorate has raided the residence of TDP MP Y S Chowdary, who has been allegedly involved in a bank loan fraud case.

The agency has recovered 6 high end luxurious cars which were in possession of the parliamentarian, which includes Ferrari, Range Rover and Mercedes-Benz and the ED has summoned Chowdary for questioning in the matter next week, which is in a connection with an alleged Rs 5,700 crore bank loan fraud case, the officials have said on Saturday.

ED said that the action it took was under the Prevention of Money Laundering Act (PMLA) and they had conducted searches at eight locations in Hyderabad and Delhi, which were linked to Chowdary.

Chowdary, an MP from Telgu Desam Party, and a close aide of chief minister N Chandrababu Naidu, has been called in for examining the evidences and questioning in the PMLA case on November 27.

The Enforcement Directorate said that “Verification conducted with the documents/records seized indicated that BCEPL along with other companies of Sujana group were functioning under the chairmanship of Y S Chowdary, who is a sitting RS MP of TDP.”

The ED in a statement added that “Investigations revealed that all directors of various Sujana group companies act under the instructions of Chowdary which is evidenced by the email correspondences and communications recovered from the business/residential premises of the directors of BCEPL.”

ED also said that, as reported by NDTV, “voluntary statements tendered under Section 50 of the PMLA, directors of BCEPL had stated Chowdary is the person responsible for the entire activities of Sujana group of companies and that they all have acted/rendered their signatures on the insistence Chowdary, either directly or through CFO and company secretary of Sujana group and that they are namesake directors and as such they had no idea as to how the funds of BCEPL were utilised and that the entire operations/transactions of Sujana Group of companies are known only to these key persons.”

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