Andhra Pradesh YSRC candidate questioned by CBI

The loan was for a coal-based thermal power project.

Hyderabad: A CBI team from New Delhi questioned YSRC Lok Sabha candidate Raghurama Krishnamraju in connection with an alleged Rs 2,655-crore bank fraud case.

Sleuths of the banking fraud team of the CBI carried out searches at the residences and four offices of Mr Krishnamraju in Hyderabad and his house in West Godavari district of Andhra Pradesh, an official said. No cash or property was seized.

The case dates back to 2014 When Ind Barath Power Ltd in which Mr Krishnamraju is the director, was sanctoined a loan of Rs 2,655 crore from three non-banking finance companies — Power Finance Corporation; India Infrastructure Finance Corporation and Rural Electrification Corporation

The loan was for a coal-based thermal power project. The lenders in their complaint alleged the funds were diverted. The firm was accused of defaulting payment of `948 crore.

Following the searches, Mr Krishnamraju told Deccan Chronicle: “The actual amount defaulted to the NBFC is Rs 600 crore, but after additions of interest the total amount stands at Rs 948 crore. The company is under liquidation, we have submitted a proposal in the NCLT for a one-time settlement. Since we have defaulted there will be a complaint. The CBI wsa at my house for two hours and they recorded my statement.”

Next Story