Hyderabad: The sleuths of Central Bureau of Investigation (CBI) have registered a case against TDP Ex-Member of Parliament Rayapati Sambasiva Rao's company in a multi crore bank fraud. Investigation found graft to the tune of Rs.7926.01 crore, respectively.
The case has been registered against Hyderabad based Transstory India Limited (Infrastructure company) represented by Cherukuri Sridhar, Chairman & Managing Director Rayapati Sambasiva Rao, Additional Director Akkineni Satish, and unknown public servants. The CBI was acting on a complaint filed by Canara Bank. To recall, the company bagged a multi-crore Polavaram project across the river Godavari in Andhra Pradesh during the TDP led government.
Investigation found that, the private firm based at Hyderabad and its directors had availed multi crore loans based on multiple banking arrangements. "The consortium was formed with other banks, led by Canara Bank. The accused (directors representing the company ) had involved in fabrication of books of accounts, fudging of stock statements, tampering of balance sheets, round tripping of funds and more. They also misappropriated bank's funds and diverted the loan amount sanctioned by the banks and caused loss of Rs. 7926.01 crore to Canara Bank and other member banks. The account had become Non performing asset" CBI said.
The sleuths on 17th December carried out searches at the premises of private company/other accused at Hyderabad and Guntur in Andhra Pradesh . Investigators said many incriminating documents have been seized.
To recall CBI in 2019 booked a case of cheating and criminal misappropriation against Transstory, Rayapati and others for siphoning off around Rs 3822 crore . 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.
However the official website of the company shows that it is in the process of corporate insolvency resolution.