Union Bank Issued Notices To Sujana Chowdary On Bank Fraud

In a shocking turn of events, ex-TDP leader, current BJP MP Sujana Chowdary got a jolt from the Union Bank of India with the bank speeding up the process to recover the loan amount taken by the leader.

Union Bank of India has issued a public notice to e-auction the properties that are under the control of Sujana Chowdary for a defaulted loan of Rs 400.84 crore.

The notices issued by the Union Bank is a new setback to the MP who has earlier faced the wrath of the Enforcement Directorate(ED) for reportedly defrauding banks for an amount of Rs 6,000 crore in the name of his companies.

The latest case states that Hyderabad based Sujana Universal industries has borrowed Rs 322 crore plus 13.95 interest per year from October 26, 2018, from the Union Bank of India. With the outstanding amount plus the interest, the amount has now reached Rs 400.84 crore.

Earlier the same company was searched by the CBI in connection with a similar bank fraud case. The company deals with the manufacturing of iron and steel products.

Sujana Chowdary who was often regarded as a close aide of Chandrababu Naidu has floated many shell companies and took loans worth thousands of crore from many banks.

He has taken loans worth Rs 6,000 crores. Reportedly, Sujana has also given some share of amount to Chandrababu in these huge scams when he was with the TDP party.
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