India’s Biggest Banking Scam: Rs 7926 Crore Published by GulteDesk December 19, 2020
The Central Bureau of Investigation booked Hyderabad-based Transstroy (India) Ltd, its promoter and former TDP MP Rayapati Sambasiva Rao for an alleged bank fraud of Rs 7926.01 crore in a consortium, led by Canara Bank.
This is the biggest banking scam in the country so far surpassing the amount misappropriated by diamantaire Nirav Modi, the CBI officials said.
Transstroy (India) Ltd was engaged in execution of major irrigation and infrastructure projects, including the mega Indira Sagar Polavaram Project in Andhra Pradesh.
The CBI, in its FIR, named the company, its CMD Cherukuri Sridhar and additional directors Rayapati Sambasiva Rao and Akkineni Satish as accused. The former MP was booked in two cases relating to the alleged fraud with the second amounting to Rs 313.79 crore approximately. It is alleged that the private firm based in Hyderabad had availed credit facilities on multi
Today Telugu News Headlines 19th December 2020
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Rayapati’s firm booked for Rs 7,926 cr bank fraud DECCAN CHRONICLE.
Updated Dec 19, 2020, 12:30 am IST
Searches were conducted on premises of Transtroy and the accused at Hyderabad and Guntur, which led to recovery of incriminating documents
The accused misappropriated bank funds and allegedly diverted the loan amount sanctioned by the banks and caused loss of approximately Rs 7,926.01 crore to Canara Bank.
Hyderabad: The CBI has registered bank fraud case to the tune of Rs 7,926.01 crore on Friday, the biggest so far in India, against the Hyderabad-based Transstroy India Ltd of former MP Rayapati Sambasiva Rao.
The CBI booked Transstroy’s CMD Cherukuri Sridhar, additional directors Sambasiva Rao and Akkineni Satish, among others on a complaint filed by Canara Bank.
CBI Raids At Rayapati’s House Published by GulteDesk December 18, 2020
TDP senior leader and ex-MP Rayapati Sambasiva Rao’s residence in Guntur is being raided by the CBI. On Friday morning, the CBI reached Rayapati’s residence at around 8 AM and carried out these raids. Also we hear that other properties owned by Rayapati are also being searched.
According to the media reports, the CBI officials are scrutinizing the documents related to the Transstroy company which is owned by Rayapati. The CBI has information that Rayapati has received Rs 300 crore from several banks in the form of loans. The repayment to the banks is yet to be done and the CBI is digging more details in this information.
The CBI has booked Hyderabad-based Transstroy (India) Ltd and its directors for alleged bank fraud of over Rs 7,926 crore in a consortium led by Canara Bank, in one of the biggest banking scams in the country, officials said on Friday. The agency carried out searches at the premises of the company and the accused directors, including former Telugu Desam Party (TDP) MP Rayapati Sambasiva Rao, which led to the recovery of incriminating documents, its spokesperson said in a statement. Rao, an additional director in the company, has been named in the FIR as accused, besides the company, its chairman-cum-managing director Cherukuri Sridhar and another additional director Akkineni Satish. It was alleged that the private firm based in Hyderabad and its directors had availed credit facilities on multiple banking arrangements.
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