New Delhi: The Central Bureau of Investigation (CBI) on Thursday conducted searches at properties of YSRCP MP K. Raghurama Krishnam Raju and several others at 11 locations in Mumbai, Hyderabad and Andhra Pradesh in connection with Rs 826 crore fraud involving a consortium of banks.
A CBI official in Delhi said that the agency carried out searches in Hyderabad, Mumbai and Andhra Pradesh's West Godavari district after filing an FIR regarding the Rs 826.17 crore fraud for cheating, criminal misappropriation against 10 people and the Ind-Bharath Thermal Power Ltd company.
The consortium of banks, led by the Punjab National Bank (PNB), includes the State Bank of India, the Indian Overseas Bank, and the Axis Bank.
According to the agency official, in the complaint, it was alleged that the accused had cheated the PNB-led consortium by way of diversion or siphoning off bank funds etc.
The accused company obtained a loan for the power plant in Karnataka but later shifted it to Tamil Nadu's Tuticorin.
Also Read: 11 arrested in cases related to temples in Andhra Pradesh
Earlier, speaking to a news agency Raju said he is unfit for politics as he speaks the "bloody truth" and gets criticised by people.
The Christian minority institutions-educated Raju, 58, is especially worried about the financial position of the state, attacks on temples among other issues confronting the residuary state of Andhra Pradesh.
Though AP Chief Minister Y.S. Jagan Mohan Reddy is known for exacting complete discipline and loyalty from his subordinates, just like his late father and CM Y.S. Rajasekhar Reddy, Raju has curiously emerged as an aberration.
With Inputs from Agencies
