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1,064 crore bank fraud case, ED raids TRS MP and his son’s premises

The Enforcement Directorate (ED) team on Friday raided the house and office of Telangana Rashtra Samithi (TRS) MP Nama Nageswara Rao. This raid is related to bank fraud of Rs 1,064 crore. According to some media reports, on Friday morning, the ED team raided the premises of the directors of Ranchi Expressway Limited besides the MP.

It is being told that apart from Khammam MP Nama Nageswara Rao, this raid has also been done at the places of his son Prithvi Teja. The ED team has put this raid at a total of 6 places. According to a report in ‘News 18’, this includes the Madhucon Infra office located in Jubilee Hills, the houses of Ranchi Expressway CMD K Srinivasan and Director N Sethia, besides several other offices.

Let us tell you here that in the year 2019, the CBI first filed an FIR against the auditors and officers of Madhucon Project, Madhucon Infra, Madhucon Tolly Highway and the bank’s consortium. Bank fraud of Rs 1,151.60 crore was detected in the investigation. After this a charge sheet was filed against Ranchi Expressway Limited and its directors in the year 2020.

It was said that the promoters of Madhucon Infra Ltd, which had won the award for the four-lane road project in 2011, misappropriated Rs 264 crore. The report also said that the TRS MP himself was the guarantor of the bank loan. The Serious Fraud Investigation Office (SFIO) had also found that a loan of Rs 1,029.39 crore was given to the expressway but no significant work was done in this project. Based on the CBI investigation, the ED has registered a case under the Money Laundering Act in this case.

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