The Enforcement Directorate (ED) and the Income Tax (IT) department raided the home and offices of former union minister and TDP MP Y S Sujana Chowdary, in Hyderabad. Three teams from Chennai reached Hyderabad last evening and started searches. The ED officials raided two companies at Nagarjuna Hills in Punjagutta. They were doing searches in Splendid Metal Products Limited, Sujana Universal Industries Company. They were also doing searches in his house at Jubilee Hills.
They have reportedly seized several documents, relating to the alleged financial irregularities. Chowdary was a minister of state in Narendra Modi cabinet, holding science and technology portfolio, till March last, when the TDP pulled out of the NDA, demanding special category status to Andhra Pradesh.
In March this year, TDP formally decided to quit the NDA, days after two of its ministers quit the Narendra Modi government protesting for Special Category Status to Andhra Pradesh. Sujana Chowdary was facing allegations against him that he has taken Rs 304 crore loan from three banks and not paid to the banks. He has taken Rs 124 crore from Central Bank, Rs 120 crore from Corporation Bank and Rs 60 crore from Andhra Bank, which he had not paid to the bank.
Allegations made against him that he has transferred the bank loans to the shell companies, without transparency and misused and diverted them to get benefit and defaulted the loans. He transferred crores of rupees into the shell companies only on receipts. In 2016, 2017 and in 2018 CBI registered 3 FIR’s against him. ED entered when he faced allegations that he had transferred foreign investments into his shell companies by projecting his company employees as Directors of that companies.