The sudden decision of Telugu Desam Party MP from Vijayawada Kesineni Srinivas alias Nani to close down his famed Kesineni Travels last week has raised many eyebrows.
While the TDP leaders attribute his decision to the confrontation he had with transport commissioner over allowing of private travels from other states because of which he was forced to apologise to the officer, there was also a talk that Kesineni had incurred huge losses in the transport business post-bifurcation due to fall in demand and competition from rivals belonging to Telangana and other states.
However, the YSR Congress party leaders have started digging deep into the reasons behind closure of Kesineni Travels.
On Monday, YSR Congress party legislator Chevireddy Bhaskar Reddy came out with a startling revelation that the real reason for Kesinani’s decision is not losses, but siphoning of funds.
“Kesineni has taken huge loans from banks in the name of travels and diverted the same to other business activities.
He is constructing a huge hotel in Vijayawada for which he diverted the bank loans. And like Kingfisher liquor baron Vijay Mallya, Kesineni is trying to declare bankruptcy so that he can evade bank loans,” Chevireddy alleged.
He also said the whole drama was enacted at the behest of chief minister and TDP president N Chandrababu Naidu, who also got a share in the bank loot.