Vishakhapatnam sources stated that Former minister and tdp mla from visakhapatnam North Ganta Srinivasa Rao's properties have been put on e-auction for the second time by the indian bank, for default of loans to a tune of more than Rs 220.66 Crore. A notification was also issued in the newspapers by the indian bank authorities which said that the online auction will be held on april 16th. Applications for purchasing the property should be filed between march 11th and 15th, the notice reads. The apartment belonging to him at balayya Sastry Layout which was built on 444 yards is said to be up for auction.

 

The auction process was initiated by indian bank, Daba Gardens branch at Vishakapatnam. As per sources, the former minister who is a close aide of tdp Chief N chandrababu naidu government had defaulted a loan amount taken by a company named pratyusha Resources and Infra Private Ltd. As per bank officials Ganta had stood as guarantor of the company which defaulted on the loan of nearly 141.68 crore. The amount along with interest accrued came to Rs 220.66 crore.

 

An apartment belonging to ganta srinivasa rao at balayya Sastry Layout which was built on 444 yards in the visakha North constituency, along with properties of nine others directors of pratyusha Resources Infra seized by the bank authorities and put for auction earlier in november last year.

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