New Delhi/Hyderabad, Oct 8 (SocialNews.XYZ) The Central Bureau of Investigation (CBI) on Thursday conducted searches at properties of YSRCP MP K. Raghurama Krishnam Raju and several others at 11 locations in Mumbai, Hyderabad and Andhra Pradesh in connection with Rs 826 crore fraud involving a consortium of banks.
A CBI official in Delhi said that the agency carried out searches in Hyderabad, Mumbai and Andhra Pradesh's West Godavari district after filing an FIR regarding the Rs 826.17 crore fraud for cheating, criminal misappropriation against 10 people and the Ind-Bharath Thermal Power Ltd company.
The consortium of banks, led by the Punjab National Bank (PNB), includes the State Bank of India, the Indian Overseas Bank, and the Axis Bank.
According to the agency official, in the complaint, it was alleged that the accused had cheated the PNB-led consortium by way of diversion or siphoning off bank funds etc.
The accused company obtained a loan for the power plant in Karnataka but later shifted it to Tamil Nadu's Tuticorin.
Source: IANS
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