The officials of the Enforcement Directorate (ED) on the 16th of June, issued summons to the Telangana Rashtra Samithi (TRS) Member of Parliament (MP) Nama Nageswara Rao and three directors of Madhucon Group of companies.
The issued summon was in a money laundering case and asked them to appear before them on the 25th of June for investigation.
On the 11th of June, the ED sleuths conducted searches at MP’s residence and office in Jubilee Hills and five other locations. The searches were carried out on the charges of diversion of loan amount taken for laying four-lane road between Ranchi and Jamshedpur in Jharkhand.
Banks led by Canara Bank agreed to fund Rs 1,151 crore for the Ranchi Express Way project with a contribution of Rs 503 crore by promoters. SEBI found the promotors misappropriating funds to the tune of 264 Crore while there was no progress in the project work. The CBI alleged that the accused indulged in fraud to get a total loan of Rs 1,029 crore and the loan became a non-performing asset in 2018. The National Highways Authority of India (NHAI) terminated the contract in January 2019.
However, the NHAI had terminated the contract as there was no progress in the project.
Stay tuned for further updates.
