ED conducts raids on TRS MP Nama Nageswara RaoJune 11, 2021 17:27
(Image source from: m.sakshi.com)
ED conducts raids on TRS MP Nama Nageswara Rao:- The officials of the Enforcement Directorate conducted surprise raids on the premises of TRS MP and Telangana leader Nama Nageswara Rao. All the properties related to Madhucon Group are raided today. The raids are conducted in relation to the alleged diversion of the funds of Ranchi Expressway Limited which is owned by Madhucon Group. The searches took place in Jubilee Hills and the residences of the directors. In March 2020, the Central Bureau of Investigation (CBI) booked the promoters of the Ranchi Expressway Ltd for over a bank fraud of Rs 1000 crores to a consortium of banks led by the Canara Bank.
The group had to carry out the four-lane work of Ranchi-Jamshedpur Highway of NH-33 in Jharkhand. A fraud of Rs 1029.39 crores took place and a loan was acquired through fraudulent acts told the initial investigation. In January 2019, the National Highways Authority of India terminated the contract. Nama Nageswara Rao remained tight-lipped and never responded to the same. The raids began at 7 AM in six locations of the company and Nama Nageswara Rao is the personal guaranteer for the loan. Under the Prevention of Money Laundering Act, the Enforcement Directorate is probing into the matter. The road contract was acquired for four-lane for a stretch of 163 km.
(Video Source: Sakshi TV)