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CBI Searches Properties of YSRCP Rebel MP Raghurama Krishnam Raju in Rs 826 Crore Bank Loan Fraud Case

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YSR Congress MP Raghurama Krishnam Raju (Image: Twitter/@RaghuRaju_MP)

The searches have been carried out on 11 places, together with Hyderabad, Mumbai and West Godavari (Andhra Pradesh) of the Borrower Company and different accused.

  • Information18.com Hyderabad
  • Last Updated: October 8, 2020, 10:20 PM IST
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PV Ramana Kumar

The Central Bureau of Investigation (CBI) on Thursday carried out searches on the properties of YSR Congress Party insurgent MP from Narasapuram constituency, Ok Raghurama Krishnam Raju, in alleged reference to the Rs 826 crore financial institution mortgage fraud case.

According to an announcement by the CBI, the case was registered on a grievance by Punjab National Bank towards a non-public firm (borrower firm), primarily based at Secunderabad and others on the allegations of inflicting an alleged loss of Rs 826.17 crore (approx.) to Punjab National Bank and different consortium banks.

It was alleged in the grievance that the accused had cheated the Punjab National Bank-led consortium banks by method of diversion/siphoning off financial institution funds and many others.

The searches have been carried out on 11 places, together with Hyderabad, Mumbai and West Godavari (Andhra Pradesh) of the Borrower Company and different accused.

The CBI additionally said that the investigation is constant.

In the FIR, the CBI named Ok Raghurama Krishnam Raju, his spouse Ramadevi, daughter Kotagiri Indira Priyadarshini, Boppana Sowjanya, Veera Venkata Satyanarayana Rao Vadlamani, Visspragada Perraju, Gopalan Manoharan, Ok Seetarama, Bhagavathhula Prasad, Namburi Kumara Swamy, aside from the Ind Barath Thermal Power firm.

The accused firm took a mortgage for the facility plant in Karnataka and later shifted it to Tuticorin in Tamil Nadu.

In 2019, the CBI claimed that the Ind Bharath group had taken a mortgage of Rs 2,655 crore from three non-banking monetary corporations and defaulted in cost of Rs 947 crore, which changed into non-performing belongings.

Ok Raghurama Krishnam Raju is an elected MP in 2019 common election from YSR Congress Party. Later, he differed with the social gathering management and sustaining shut relationship with the Bharatiya Janata Party (BJP) now.

Recently, the YSR Congress social gathering had issued a present trigger discover to Raju, accusing him of involving in anti-party actions. ​



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