CBI raids premises of YSRCP MP candidate for Rs 947 cr bank

first_imgNew Delhi: The Central Bureau of Investigation on Tuesday raided premises belonging to a YSRCP’s Narsapuram MP candidate in Hyderabad in connection with a Rs 947 crore bank fraud case, officials here said.The agency registered a case against Raghurama Kishnam Raju and his company Ind-Barath Power Limited on Monday. Agency sleuths conducted searches at two of his residences and four offices of his company that lasted almost all day. The FIR registered in the case accuses Raju’s company of taking loans of up to Rs 2,655 crore from three public lenders, namely Power Finance Corporation (PFC), Rural Electrification Corporation, and India Finance Corporation. Also Read – 2019 most peaceful festive season for J&K: Jitendra SinghSources said that the loans were sanctioned for Raju’s company to undertake power projects in various parts of the country, but it was found that IBPL siphoned off Rs 947 crore of the loans to a third party. The agency’s FIR also mentions Axis Bank as an accused in the case. According to the complaint registered by PFC and other lenders, the bank was supposed to hold a trust account in IBPL’s name to protect the interest of lenders involved. However, after repeated amendments to the agreement between the borrower and lenders, Axis Bank allegedly did not follow procedure and allowed IBPL to transfer funds from the account on multiple occasions. The complaint to the CBI mentions that IBPL transferred more than Rs 357 crore to a third party, Sokeo Power Limited. While the lenders were made aware of this, IBPL and Sokeo allegedly entered into a conspiracy and signed a separate MoU that allowed Sokeo to send the funds back to Raju’s company without any liability. Raju is a Lok Sabha candidate from Narsapuram in Andhra Pradesh, which went to polls on April 11.last_img

Leave a Reply

Your email address will not be published. Required fields are marked *