Recently, a case has been booked by Central Crime Station against director Puri Jagannadh and his wife Ms Lavanya. The case was booked following a complaint from residents of an apartment complex at Jubilee Hills, Hyderabad.
Going into details, director Puri Jagannadh had 1000 Sq yard plot at Jubilee Hills on which he raised a loan of Rs 5 Crore from State Bank of India in 2008. Later, the director managed to repay Rs 2.5 Crore to the bank. However, in 2010, Puri sold the land to Subbaraju Construction Company (SCC) by entering into an agreement such that the construction firm will repay the balance loan amount as part of settlement.
The construction firm, who built the apartment and sold it, now breached the agreement by not clearing the loan amount. With this, State Bank has issued notices to Puri Jagannadh, his wife Lavanya and the residents of apartment complex to clear the pending loan. Shocked with this, the flat owners have now lodged complaint with Central Crime Station against director Puri Jagannadh and builder. That's the whole story behind case against Puri Jagannadh.