HYDERABAD: The Central Bureau of Investigation (CBI) conducted searches on the properties of YSR Congress rebel MP K Raghu Rama Krishnam Raju regarding the 826 million rupee bank fraud involving a consortium of banks led by the National Bank of Punjab.
The searches were carried out in 11 locations, including Hyderabad and Mumbai, by CBI officials from Delhi and Hyderabad.
The CBI has filed a new FIR regarding the Rs 826-crore fraud under deception, criminal misappropriation against ten defendants linked to the Ind-Bharath Thermal Power Limited company.
The consortium of banks includes State Bank of India, Indian Overseas Bank, Axis Bank and PNB.
The CBI appointed K Raghurama Krishnam Rajju Ramadevi, Raju’s wife, Kotagiri Indira Priyadarshini, daughter of Raju (daughter-in-law of MP KVP Ramachandar Rao Congress), Boppana Sowjanya, Veeravenkata Satyanarayana Rao Vadlamani, Visspralan Perraharama, Khapagadavadras Seerama Swamy in addition to the Ind-Barath thermal energy company.
Searches were carried out at the residences of all defendants and at the company’s premises in Secunderabad, Mumbai.
The accused company obtained a loan for the power plant in Karnataka and then transferred it to Tuticorin in Tamil Nadu.
The allegation is that the funds were diverted and the banks looted. In early 2019, also April CBI searched Raghurama Krishnam Raju relative to Rs 926-crore loan fraud of a loan of Rs 2,226 crore used by Ind Barath Power Ltd which defaulted on payment.
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