The Enforcement Directorate (ED) on Friday conducted searches here at the residences and offices of the TRS MP Nama Nageswara Rao and the directors of Ranchi Expressway Limited in connection with Rs 1,064 crores bank fraud case, sources said.
According to sources, searches were conducted at six locations in Hyderabad.
In March 2019, the Central Bureau of Investigation (CB) had registered a case against Ranchi Expressway Limited, Madhucon Group of Companies and officials of Consortium of Banks led by Canara Bank for alleged irregularities in the Ranchi-Jamshedpur (NH-33) project.
Earlier, the High Court taking suo motu had ordered Serious Fraud Investigation Office (SFIO) to conduct a probe into the delay of completion of the said project which commenced in December 2012.
Based on SFIO’s report, CBI registered a case against the executing company Ranchi Expressway Ltd, Madhucon Group of Companies and other officials of Canara Bank.
SFIO report has alleged Consortium of Banks led by Canara bank has released Rs 1029.39 crores without verifying the progress of the project and in that around Rs 264 crores were diverted by the said companies and not used for the said project.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.