Hyderabad: The Telangana High Court on Friday refused to give relief to TRS Khammam MP Nama Nageswara Rao in a case filed by the Enforcement Directorate on Ranchi Expressway Limited, a subsidiary of Madhucon Group, which was accused for allegedly causing loss of around Rs 1,000 crore to a consortium of banks led by Canara Bank.
Nageswara Rao had filed a petition under Section 482 of the CrPC to quash the ED proceedings including the search, attachment and other actions under the provisions of Prevention of Money Laundering Act (PMLA). He said he was not associated with the Ranchi Expressway and the Madhucon Group.
Senior counsel T. Niranjan Reddy appeared on behalf of Nageswara Rao and contended that the petitioner was not an accused in the offence registered by the CBI and was not connected with the proceedings under the PMLA. However, searches were conducted and the petitioner’s properties were attached
T. Surya Karan Reddy, additional solicitor general, appearing for the ED stated that Nageswara Rao had obtained protection against arrest from the Supreme Court. He said that except attachment of properties, no criminal proceedings were pending against the petitioner under the PMLA.
The High Court directed the ED to file a counter and said it would consider giving relief to Nageswara Rao based on the agency’s submission.
The Chief Justice will continue to hear the matter on December 9.