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Some of the properties of State HRD Minister G. Srinivasa Rao in Visakhapatnam have been attached by the Daba Gardens branch of Indian Bank here, as he is one of the guarantors for loans taken by a company with which he was once associated. The loans have not been repaid.
The loans were taken by Pratyusha Resources and Infra Ltd and notices were served on the minister and others for failing to repay the total amount of Rs 141.68 crore. The minister was once the director of the company but he resigned in 2009 after getting elected to the State Assembly.
In all, 26 properties were attached including the residences of the minister in the city and at Chodavaram in Visakhapatnam district.
The minister said that he had stood as the guarantor in good faith. "But as the company has failed to repay the amount, I shall take it up as my moral responsibility."
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