Case Filed Against YSR Congress MP Ramakrishna Raju By CBI

Case filed against YSR Congress MP for not paying Rs 826 crore debt, CBI made 11 accused including the wife. The CBI has named YSRCP MP Ramakrishna Raju in a case related to a loan defaulter of Rs 826 crore.

The loan was taken by Ind Barath Thermal Power Limited. The YSRCP MP and his wife Kanumuru Rama Devi are both its directors. Raju represents the Narasapuram constituency in the Lok Sabha.

CBI has registered a case against the MP, his wife and nine others. The accused also include Secunderabad-based company and its managing director Sitaramam Komaragiri.

A case has been registered against them under the provisions of the Prevention of Corruption Act in addition to the sections of the Indian Penal Code relating to criminal conspiracy and fraud.

After registering the case, the CBI team searched 11 places in Hyderabad, Mumbai and West Godavari district of Andhra Pradesh on Thursday. CBI spokesperson RK Gaur said, “The complaint alleges that the accused cheated the consortium of Punjab National Bank-led banks. Bank’s funds were diversified

CBI has filed an FIR on the complaint of PNB. PNB has alleged that the company committed fraud by diverting funds released during 2014-18 to set up a 300 MW power plant in Uttara Kannada district.

The project was sent to Tuticorin due to an environmental issue. Members of the 10-member bank consortium declared forgery during 2019-20.

Recently, SEBI had asked the stock exchanges and clearing corporations to liquidate the assets of defaulting or defaulting members within six months of declaring them defaulters.

SEBI had said that recovery from these defaulters would help fulfill the commitments of customers, stock exchanges, and clearing corporations.

It is worth mentioning that CBI had recently filed a new charge sheet against Gokulnath Shetty, retired deputy manager of Punjab National Bank. It is alleged that Shetty allegedly collaborated with Nirav Modi and Mehul Choksi in a conspiracy of fraud of Rs 13 thousand crore.