Hyderabad: Enforcement directorate booked a FEMA case against TDP former MP Rayapati Sambasiva Rao owned Transstroy for irregularities in the transfer of money to Singapore and Russia.
ED has also decided to seek details on CBI FIR booked against Transstroy in the loan fraud case.
CBI in the FIR said that an amount of Rs 15 crore was transferred to Transstroy Singapore PTE Limited subsidiary of the company during the financial year 2013-14 . It is alleged that there is no consent of consortium of the banks who had lent the money. Banks complained that the investment in the subsidiary company is not the purpose of sanctioning the loan. Polavaram Irrigation project contractor Joint Venture company Transstory JSC EC UES is also under the scanner of ED.
CBI has recently conducted searches on the properties of Transstroy MD Cherukuri Sridhar, promoter director Rayapati Sambasiva Rao and other accused in the case.