Former Andhra Pradesh minister, Visakhapatnam North MLA and senior TDP leader Ganta Srinivasa Rao's properties have been put for auction by the Indian Bank at Visakhapatnam for default of loans to the tune of over Rs 200 crore.
According to reports, the former minister, who is considered a close aide of TDP chief Chandrababu Naidu, had offered guarantee for a loan by Pratyusha Resources and Infra Private Ltd, which defaulted on the loan.
The auction process was initiated by Indian Bank, Daba Gardens branch, Visakhapatnam.
An apartment belonging to Rao at Balayya Sastry Layout, built on 444 yards in the Visakha North constituency, along with properties of nine other directors of Pratyusha Resources Infra, has been put up for auction.
A notification was issued in the newspapers saying that the auction would be held on December 20.