The Central Bureau of Investigation (CBI) on Thursday conducted searches on the properties of YSR Congress Party rebel MP from Narasapuram constituency, K Raghurama Krishnam Raju, in alleged connection with the Rs 826 crore bank loan fraud case.
According to a statement by the CBI, the case was registered on a complaint by Punjab National Bank against a private company (borrower company), based at Secunderabad and others on the allegations of causing an alleged loss of Rs 826.17 crore (approx.) to Punjab National Bank and other consortium banks.
It was alleged in the complaint that the accused had cheated the Punjab National Bank-led consortium banks by way of diversion/siphoning off bank funds etc.
The searches were conducted on 11 locations, including Hyderabad, Mumbai and West Godavari (Andhra Pradesh) of the Borrower Company and other accused.
The CBI also stated that the investigation is continuing.
In the FIR, the CBI named K Raghurama Krishnam Raju, his wife Ramadevi, daughter Kotagiri Indira Priyadarshini, Boppana Sowjanya, Veera Venkata Satyanarayana Rao Vadlamani, Visspragada Perraju, Gopalan Manoharan, K Seetarama, Bhagavathhula Prasad, Namburi Kumara Swamy, apart from the Ind Barath Thermal Power company.
The accused company took a loan for the power plant in Karnataka and later shifted it to Tuticorin in Tamil Nadu.
In 2019, the CBI claimed that the Ind Bharath group had taken a loan of Rs 2,655 crore from three non-banking financial companies and defaulted in payment of Rs 947 crore, which turned into non-performing assets.
K Raghurama Krishnam Raju is an elected MP in 2019 general election from YSR Congress Party. Later, he differed with the party leadership and maintaining close relationship with the Bharatiya Janata Party (BJP) now.
Recently, the YSR Congress party had issued a show cause notice to Raju, accusing him of involving in anti-party activities.
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