CBI raids properties of YSRCP MP Raghurama Krishnam Raju in connection with 826 crore fraud

Hyderabad: The officials of Central Bureau of Investigation (CBI) on Wednesday carried out searches at the properties of YSRCP MP K Raghu Rama Krishnam Raju. The searches were conducted by the CBI officials of Delhi and Hyderabad at 11 locations in Mumbai and Hyderabad.

According to CBI officials, the agency has lodged a fresh FIR against the MP regarding Rs 826 crore fraud under cheating, criminal misappropriation and 10 other accused persons linked to the Ind-Barath Thermal Power Ltd.

The issue came to light when the Punjab National Bank (PNB) and other consortium banks filed a complaint against the accused and stated that the accused had cheated the PNB-led consortium banks by way of diversion/siphoning off bank funds etc. Based on the complaint, the CBI raided 11 places belonging to the MP and his relatives and associates.

The CBI named K Raghu Rama Krishnam Raju, Ramadevi (wife of Krishnam Raju), K Indira Priyadarshini (daughter of the MP), Bopanna Sowjanya, V Satyanarayana Rao Vadlamani, Visspragada Peeraju, Gopalan Manoharan, K Seetaram, B Prasad, N Kumara Swamy and the management of Ind-Barath Thermal Power company.

The CBI officials stated that the accused persons named in the FIR had obtained a loan from the PNB and its consortium banks which include SBI, Indian Overseas Bank and Axis Bank to operate a power plant in Karnataka and later on, they shifted it to Tutikorin in Tamil Nadu. However, later they diverted the funds with an intention to loot the banks and in this regard, the searches were conducted at the properties involving the MP and others.