Hyderabad: Central Bureau of Investigation sleuths on Tuesday conducted searches on the offices of Transstroy India Limited and on the residences of TDP Former MP Rayapati Samba Siva Rao, Sridhar Cherukuri MD of Transstroy and several other accused.
CBI booked a case of cheating and criminal misappropriation against Transstory, Rayapati and others for siphoning off around Rs 3822crore . The accused obtained bank loan from Canara Bank, Union Bank of India and others. The consortium of banks led by Union Bank has filed the complaint with CBI.
Investigation found that directors of the company cooked up two books. One set of financial books cooked up for the bank purpose are found to be forged. Another set of books are maintained within the company. CBI sources said that the funds were diverted for other purpose than which the loan was taken.
TDP regime has given the Polavaram project to Transstory initially. Later the part of project was given to Navayuga. Polavaram irrigation project is centre funded. Searches were conducted in Hyderabad, Vishakapatnam and several other places in Telugu States and in New Delhi. CBI raids on Transstroy Rayapati are continuing.
Canara Bank had filed a case in National Company Law Tribunal earlier. NCLT Hyderabad admitted the petition in 2018 October to initiate Corporate Insolvency Resolution Process of the company. The committee of creditors in 2019 May voted in favour of liquidation of the company by 95 per cent and resolved to see liquidation of Transstroy.
Based on this NCLT passed orders that Transtroy India shall be liquidated. Dr G Narasimha Rao the Resolution Professional of Transstroy India is appointed as liquidator. Banks have conducted forensic audit into the accounts of Transstroy which revealed that the company directors has resorted to huge fraud.
The money diversion and maintaining of two accounts have been found during the forensic audit. CBI searches on Polavaram Irrigation project contractor is all likely to create a political storm in the State of Andhra Pradesh. The ruling YSR Congress has been alleging of corruption in the project. CBI raids on Transstory Rayapati are all likely to lead to other politicians.