ED raids at former MP Rayapati Sambasiva Rao residences in Hyderabad, Guntur
Hyderabad: The Enforcement Directorate (ED) officials have conducted raids on the business premises of former Rajya Sabha MP from Telugu Desam Party (TDP) Rayapati Sambasiva Rao in Guntur and Hyderabad in connection with a Rs 10,000 crore bank loan fraud case.
Raids were also conducted at Malineni Sambasiva Rao's residence and his companies in Hyderabad suspecting that Rayapati Sambasiva Rao allegedly diverted the huge amount to Malineni Sambasiva Rao's companies.
According to sources, the ED officials, who registered PMLA cases in connection with the CBI's bank fraud cases, have initiated raids at 15 different locations at Jubilee Hills, Banjara Hills, Puppalaguda, Madhapur in Hyderabad and Guntur.
The ED officials suspect that Rayapati Sambasiva Rao, who was the promoter of Transstroy India (Ltd) duped the Union Bank of India by taking a loan of Rs 10,000 crore. The amount was allegedly directed to his close relative Malineni Sambasiva Rao's companies.
Malineni Sambasiva Rao is the director for Transstroy Power Projects, Techno Unique Infra-tech Private Limited, and Kakatiya Crystal Power (India) Limited.
In 2019, the CBI registered cases against Rayapati Sambasiva Rao under Sections 120 B (r/w) , 420, 406, 468, 477 (B), Prevention of Corruption Act, 1988- sections 13 (2), r/w 13 (1) (d) for duping the bank. Based on FIR, the ED registered cases under PMLA and was being probed.
