The Central Bureau of Investigation (CBI) on Friday carried out simultaneous searches on the premises of former TDP MP at his native place in Guntur district and in Hyderabad in connection with a bank fraud case booked against him.
Special teams from New Delhi with support from their colleagues in the regional offices in Telangana and Andhra Pradesh conducted the searches in Guntur and Hyderabad. The CBI booked the case against the former MP’s company for allegedly siphoning off around Rs 3,822 crore.
The company allegedly obtained a bank loan from a consortium of banks led by a nationalized bank and allegedly diverted the funds for other purposes in violation of norms. Based on a complaint, the CBI booked the case against the company and others.
The company has earlier taken up the construction of Polavaram project funded by the Central government. More details are awaited.
