Former TDP MP Rayapati Sambasiva Rao. (File photo)
HYDERABAD: In one of the biggest bank frauds in the country worth Rs 7,926 crore, Hyderabad-based Transstroy (India) Limited owned by former TDP MP Rayapati Sambasiva Rao created fictitious companies in the name of maids, sweepers and drivers as directors for diversion of funds.
The Central Bureau of Investigation (CBI) in an FIR alleged that the accused floated firms like Padmavati Enterprises, Unique Engineers, Balaji Enterprises, Ruthwik Associates, where an amount of Rs 6,643 crore was swindled. Nine firms are non-existing companies which have been created to operate the fraudulent activities with the assistance of employees, the CBI alleged.