Visakhapatnam/ New Delhi: The CBI has registered a disproportionate assets case against Indian Forest Service (IFoS) officer M. Ram Prasad Rao and his wife for allegedly amassing assets worth over Rs 10 crore, 240 per cent above his known sources of income. It carried out searches at several locations associated with Prasad including in Tanuku in AP.
CBI officials said Prasad, a 1986 batch UP cadre officer, had amassed the assets when he was posted as chief vigilance officer of NTPC from February 2013 to July 9, 2016.
CBI registered a case under IPC Section 109 and Sections 13(2) and 13(1)(e) of Prevention of Corruption Act, 1988. Following this, searches were conducted at the residential and office premises of Prasad and his family members at Meerut in Uttar Pradesh and Tanuku in West Godavari district. During the course of searches, several documents relating to property and cash of '37.25 lakh were seized.
The agency alleged that Rao ahd acquired properties and movable assets in the names of his wife, children and the companies run by his wife.
The CBI has said Rao’s wife was engaged in real estate business and set up Bala Kanaka Durga Properties, Sat-ya Avenues Pvt. Ltd. and Krishna Enter-prises, Dwarka, in 2009, 2014 and 2015 respectively.
“There was not much business activity in these companies and the income generated by these companies was very nominal,” the FIR, registered earlier this week, alleged.
Prasad ensured filing of returns with the income-tax department and the registrar of companies to allegedly “cover up his clandestine financial transactions.”
