The Central Bureau of Investigation (CBI) conducted searches on the properties of the Member of Parliament (MP) of the Yuvajana Sramika Rythu Congress Party (YSRCP.)
The raids were conducted on Properties and assets of the MP in Hyderabad and Mumbai in relation to a Rs. 826 crores bank fraud.
The fraud also involved a consortium of banks led by Punjab National Bank (PNB.)
Searches were conducted on 11 locations, including in Hyderabad and Mumbai, by the CBI officials from Delhi and Hyderabad.
The CBI has lodged a fresh FIR regarding the Rs. 826 crores fraud under cheating, criminal misappropriation against ten accused linked to India Bharath Thermal Power Limited company.
The consortium of banks include State Bank of India, Indian Overseas Bank, Axis Bank and PNB.
Besides K. Raghurama Krishnam Rajju Ramadevi, the CBI named wife of Raju, Kotagiri Indira Priyadarshini, daughter of Raju (Daughter-in-law of Congress MP K V P Ramachandar Rao), Boppana Sowjanya, Veeravenkata Satyanarayana Rao Vadlamani, Visspragada Perraju, Gopalan Manoharan, K Seetarama, Bhagavathhula Prasad, Namburi Kumara Swamy apart from the Ind-Barath Thermal Power company.
According to sources, the accused company obtained a loan for the power plant in Karnataka and later shifted it to Tuticorin in Tamil Nadu.
The allegation is that the funds were diverted and the banks were looted.
Earlier in 2019 April the CBI conducted searches on Raghurama Krishnam Raju in connection with Rs 926-crore loan fraud out of Rs 2,226 crore loan availed by Ind Barath Power Ltd which defaulted on repay.
Stay tuned for further updates.
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