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ED investigates Nama Nageswara Rao, Member of Parliament for TRS, for bank fraud – Deccan News

Hyderabad: The Directorate for Enforcement (ED) on Friday conducted searches at the residence and offices of the Telangana Rashtra Samithi (TRS) MP from Khammam, Nama Nageswara Rao, in connection with a fraud of 1,065 million bank.

The ED conducted investigations at six locations, including residences of Nageshwar Rao and his son Pruthvi Teja, CMD of Ranchi Express Way K Srinivasa Rao, director N Seetaiah, along with their offices. Searches started at 07:00, Times of India said in a report.

More details regarding the searches are awaited.

After a first information report (FIR) was submitted by the CBI in 2019, fraud was detected in the four-lane project between Ranchi-Rargoan-Jamshedpur on the NH-33 worth 1115.60 million. It is said that the promoters of the Nama-led Madhucon Infra Ltd., who were awarded the project in March 2011, received ISK 264.01 million.

The Serious Fraud Investigation Office (SFIO) also found that the consortium of banks had released a loan of Rs 1,029.39 million to M / s Ranchi Expressway, but there was no appropriate progress with the project.

The loan became a default in 2018. In January 2019, the National Highways Authority of India (NHAI) terminated its agreement with the company and forfeited $ 73 million.

A charge sheet was then filed by Ranchi Expressway Ltd. and its directors submitted by the CBI in 2020.

With a declared asset of more than 119 million, Nama Nageswara Rao is one of the richest Indian politicians. He was previously a politburo member of the Telugu Desam Party (TDP) before joining the TRS in 2019.

Source: The Siasat Daily

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