Everyone knows about the businessman, Vijay Mallya, and his financial fraud, and how he escaped from India after cheating the banks.
Now, there is a similar case in the Telugu states, particularly in Andhra Pradesh, where a businessman cheated the banks and wanted to escape from the country for a luxurious life.
Former Union minister and TDP leader, Y.S. Chowdary, who is more popular as Sujana Chowdary, filed a petition to quash the Look Out Circular issued by the CBI.
However, the Telangana high court dismissed Sujana Chowdary’s plea to declare the Look Out Circular as “illegal and contrary to law.”
He also sought direction from the court to the CBI to withdraw the circular, which the court declined.
The CBI had collected information that Sujana Chowdary had borrowed money from the banks through Best and Crompton Engineering Projects Limited (BCEPL) and defaulted. The money borrowed by Sujana Chowdary through BCEPL was subsequently “diverted and misappropriated for purposes other than for which it was sanctioned.”
It was also alleged that the BCEPL and other companies headed by Sujana Chowdary were engaged in illegal trading. To facilitate the illegal trading, Sujana Chowdary’s companies “issued false invoices and also created other shell companies.”
The CBI told the court that during examination, Sujana Chowdary “was evasive in all his replies and did not provide satisfactory answers.”
Following this, the CBI conducted searches in the offices and houses belonging to Sujana Chowdary and those associated with the Sujana Group of companies.
The CBI also found that Sujana Chowdary caused a loss of over Rs 5,000 crore to the banks, besides having rubber seals, bank letterheads, original PAN cards, among others in their possession.
The Telangana high court on Wednesday dismissed the petition of Sujana Chowdary and upheld the petition of the CBI justifying its Look Out Circular for Sujana Chowdary.
Sujana Chowdary was elected to the Rajya Sabha from the TDP, became a Union Minister from the TDP, and finally joined the BJP after the TDP’s defeat in the 2019 general election.