Modi’s Minister takes loan and forgets, court orders to repay Rs. 17 crore, corruption with a difference

HYDERABAD: A court has ordered Union minister of state for science and technology Y Sujana Chowdary to repay Rs 6.2 crore taken as loan along with interest to 3 firms of B Ramalinga Raju. With the interest rate ranging between 18% and 24%, legal sources said the total amount now payable would cross Rs 17 crore

Y Sujana Chowdary tThe court here has ordered Union minister of state for science and technology Y Sujana Chowdary and companies associated with him to repay Rs 6.2 crore taken as loan along with interest to three firms of B Ramalinga Raju, the disgraced founder-chairman of Satyam Computers.

With the interest rate ranging between 18% and 24%, legal sources said the total amount now payable would cross Rs 17 crore.

The court passed separate decrees in the petitions filed by Raju’s companies — Fincity Investments Pvt Ltd, Highgrace Investments Pvt Ltd and Elem Investments Pvt Ltd — which advanced five loans to companies related to Chowdary.

The companies that availed these loans are Sujana Capital Services Ltd, Futuretech Industries Ltd and Platima Properties and Projects Ltd. They availed these loans from Raju companies and failed to repay them. For all these loans, Chowdary stood as a guarantor along with another director R Devender Reddy.

The judge held that the three companies and the two guarantors are jointly liable to repay the decreed amount. All the loans were taken by them in 1999 and the civil suits were filed in 2003.

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