Lagadapati Rajgopal Cheated ICICI Bank For 3000 Crores

Money laundering and cheating banks for huge amounts have become a nominal practice for our white collared politicians. With YS Jagan sitting in jail on the same issue, now the name of Lagadapti is being hard with such allegations.

Hyderabad based lawyer and YSR-C party member Gowtham Reddy accused that Congress MP Lagadapati Rajgopal has cheated ICICI bank by not repaying a loan of 3000 crore rupees. 'Lagadapati has bought a coal company in Australia that is running in losses with people's money. Later he took 3k crore loan by mortgaging the documents of that company in ICICI bank', Gowtham Reddy said. He alleged that Lanco Infra shares have lost heavily in the stock market, many investors including ICICI have lost their money. The lawyer demanded a judicial enquiry by CBI and Enforcement Directorate into these happenings.
While the allegations are getting sensational in political circles, there are lot of disjoint and impractical statements made. Firstly, when a company acquired money by selling shares, common people cannot show authority over the using of that money. Secondly, there is no provision in Indian banks to give loans on documents of foreign properties. If that happens, all the NRIs living abroad will take crores of loans in India by showing their foreign property documents and will not run for investors. We have to see how Lagadapti responds on this.