Actor Nagarjuna becomes loan defaulter, two banks attach his property

Hyderabad, March 23, 2015: Financial problems seem to be not sparing even top and well settled stars in Telugu film industry. Actor Nagarjuna seems to have run into acute financial mess following his failure to repay the loan he had availed from Andhra Bank and Indian Bank. The two nationalised banks, which have landed themselves in financial soup following granting loans to every Tom, Dick and Harry, have attached the more than seven acres of land owned by Akkineni Nagarjuna family. The 7-acre 25 Guntas land is just beside by Annapurna Studios in Film Nagar of Hyderabad. Nagarjuna and his family members pledged this land and obtained loans from these two banks. The loans, along with interest, have now grown to Rs. 62 Cr. The managements of these two banks have attached the costly land following the failure of the Nagarjuna family members to respond to several notices and clear the dues. The banks gave a public notice asking the people not to deal with the said land in any manner as it was under their possession. While Nagarjuna himself refused to comment on the development, reports said the entire family is now coming together to come out of the financial mess.