HYDERABAD: Panchayati Raj minister Jupally Krishna Rao on Wednesday denied allegations he and his family cheated banks and said he has not received any notice from CBI with regard to submission of fake documents for availing loans. “Some political leaders who could not face me politically are resorting to character assassination of my sons,” Krishna Rao said.TOI reported that Arun and Varun, sons of the minister, had along with a third person, defaulted on a ?60 crore loan they had taken from State Bank of India (SBI). Including interest, the loan amount as of December last year stood at nearly ?86 crore. SBI is currently in the process of auctioning the properties that the Jupally family had pledged with it as collateral security. In the meantime, the CBI too had served a notice to Jupally Arun with regard to illegal money transactions and submission of fake documents to avail of loan with the connivance of some SBI officials.Addressing the press , Jupally Krishna Rao said his son had taken a loan from SBI. “Some Congress leaders are demanding I quit the cabinet because of that. My son is not dependent on me. In what way am I connected to the loan,” Jupally said.Responding to the charges, the minister said his son Arun Jupally had floated an infrastructure company few years ago and had taken loan. “He has repaid ?31 crore to the bank till now. My son has given letters to the bank and assured them that he would repay the balance amount and has even urged the bank to waive off the interest on the loan and permit a One Time Settlement for clearing the outstanding amount,” Jupally Krishna Rao said.He said taking a bank loan is not an offence. “My son did not escape or flee from the state or country. Though Arun sold the company Shaili Infra Ltd to others, he acted as guarantor and is not disowning the responsibility for the loan,” he said. According to him, Varun, his second son, was director of the firm and had cleared the loan for which he was guarantor.Krishna Rao said CBI has not served any notice on them and if there is any such one, it is a fake. “My son went to Delhi and spoke to CBI officials and they said they have not served any notice,” he said.“Some Congress leaders have even alleged that I had defaulted on some bank loans earlier. I had taken ?6 crore loan from Prudential Cooperative Bank in 1999 and paid ?14 crore to the bank in 2007 and got the no dues certificate from them. Also, in 1995, I availed a ?5 crore loan from LIC Housing Finance Company Limited and cleared the same,” the minister said.Jupally said he would file defamation cases on those resorting to character assasination.

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