HYDERABAD: The Central Bureau of Investigation (CBI) officials filed a charge sheet against 16 accused including the Ind-Barath Power Madras Ltd, its chairman/managing director (CMD) and Narsapuram MP K Raghu Rama Krishna Raju, its directors, sister companies, managing director, chartered accountants and private persons before the Special Judge, CBI Cases, Rouse Avenue Court Complex, New Delhi.
The CBI registered a case on April 29, 2019 on the orders of the Central government and took over the investigation against five accused including a private company based in Hyderabad and others including its directors.
Investigation revealed that the company through its CMD had allegedly availed Rs 947.71 crore from a consortium of lenders led by Power Finance Corporation Limited (PFC), and other two lenders, Rural Electrification Corporation Limited (REC) and India Infrastructure Finance Company Limited (IIFCL), for setting up a thermal power plant at Tuticorin, Tamil Nadu.
It was further alleged that the borrower company neither completed the project nor complied with the terms and conditions of loan agreements. The accused including borrower company allegedly transferred or diverted the disbursed project funds to create fixed deposits with Bank of India and UCO Bank and to pay advances to contractors.
Subsequently, the accused allegedly availed loans against these fixed deposits and advances paid to contractors for the group companies and later due to non-repayment of loan amount, the said FDs were adjusted against the loan accounts, leading to loss to the lenders.
