Son turns whistleblower in Rayapati Transstroy loan fraud case

By Coreena Suares  Published on  2 Jan 2020 5:13 PM GMT
Son turns whistleblower in Rayapati Transstroy loan fraud case

Hyderabad: It was TDP ex-MP Rayapati Sambasiva Rao son who blew the lid off about Transstroy Labs Private Limited fraud, highly placed source told NewsMeter. The whistleblower in the fraud case is Rayapati's son Rayapati Ranga Rao who filed complaints with multiple agencies.

Rang Rao has filed complaints with Central Bureau of Investigation, Enforcement Directorate, Prime Minister's Office and Chief Vigilance Commissioner alleging that loan fraud took place in Transstroy. Ranga Rao, who is also a TDP leader, earlier tried for Assembly ticket of Sattenpalli constituency but failed to get. He filed the complaint with the agencies against the CEO and MD Cherukuri Sridhar, sources said. My mother was the director in the company, however Sridhar misguided and misled my parents ( referring to Rayapati couple).I have no differences with my father, Sambasiva Rao. The complaint is against Sridhar. It is now subject of an investigation by the agencies," Rayapati Ranga earlier told reporters.

In 2017 when Janasena leader Pawan Kalyan accused Rayapati Sambasiva Rao of defrauding the banks, Ranga Rao wrote a letter to him stating that his father or his family didn't violate any law. Rao also called as Rangababu said then the family lost assets after they entered politics. Ranga Rao has given details of all his bank statements to the investigating agencies and informed that no money came into his accounts.

Ex- TDP MP Sambasiva Rao has been the chairman of Jayalakshmi Group and as member of Rajaysabha from 1983 to 1989 and later elected to Guntur Loksabha constituency thrice. While his son, Ranga Rao is the managing director of Rayapati Power General Private Limited. He is also into the sports association including AP Badminton shuttle association.

A source in CBI told Newsmeter," The banks came and lodged a complaint after Ranga Rao filed a complaint with various agencies," Interestingly Rayapati Sambasiva Rao is also made accused in the case by CBI apart from Cherukuri Sridhar.

Union Bank which filed complaint in Rayapati loan fraud case alleged that Rs 254 crore loan amount had been defrauded. The resolution professional Narasimha Rao said that the company owes to the 15 banks to the tune of more than Rs 8000 crore. The CBI alleged that more than Rs 3000 crore had been diverted without the approval of consortium banks and two books are maintained.

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