Former BRS MLA Jeevan Reddy from Armoor faced a severe setback as the State Finance Corporation issued notices to his residence in Mamidipally, demanding a payment of Rs. 45 crores, inclusive of interest for the initially borrowed Rs. 20 crores. Alongside Jeevan Reddy, notices were dispatched to four others who acted as guarantors, warning of potential legal repercussions if the loan remained unpaid within the stipulated period.
Back in 2017, Jeevan Reddy acquired a Rs. 20 crores loan under his wife Rajitha Reddy’s name, failing to make any interest payments since then. He neither responded to the notices nor took any action. Consequently, officials have now affixed notices at his residence.
Notably, an RTC land of substantial value, adjacent to the Bus Depot in Armoor, was acquired by Jeevan in 2017 under a private infrastructure name. Utilizing the loan from the State Finance Corporation, he constructed a mall and multiplex on this land, generating substantial monthly income. However, despite the significant earnings, Jeevan neglected to settle the dues owed to RTC and the State Finance Corporation. Shielded by his former MLA status and government influence, Jeevan Reddy remained unquestioned. With his recent electoral defeat and the change in the state government’s power, Jeevan Reddy is now facing increased scrutiny.
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