ED raids on TD ex-mp Rayapati offices in AP, TS

The Enforcement Directorate (ED) conducted raids on the business premises of former Rajya Sabha member from Telugu Desam, Rayapati Sambasiva Rao, in Guntur and Hyderabad on Tuesday. This was in connection with a `8,000-crore bank loan fraud case.

Similar raids took place on Malineni Sambasiva Rao's residence and his companies in Hyderabad, suspecting that Rayapati Sambasiva Rao had allegedly diverted the huge amount to those companies. Malineni Sambasiva Rao is a close relative of the former MP.

According to sources, the Enforcement Directorate officials, who registered cases under the Prevention of Money Laundering Act against Rayapati Sambasiva Rao in connection with the CBI'S bank fraud cases, swooped down on 15 premises at Jubilee Hills, Banjara Hills, Puppalguda and Madhapur in Hyderabad apart from Guntur.

ED suspects the former Rajya Sabha member, who was promoter of Transstroy India (Ltd), duped Union Bank of India by taking a loan of

SIMILAR raids took place on Malineni Sambasiva Rao's residence and his companies in Hyderabad, suspecting that Rayapati Sambasiva Rao had allegedly diverted the huge amount to those companies. Malineni Sambasiva Rao is a close relative of the former MP. Based on the FIR, the ED registered cases under PMLA and started the investigation.

around `10,000 crore and not repaying it. The amount was allegedly directed by the former MP to the companies of Malineni Sambasiva Rao who is a director of Transstroy Power Projects, Techno Unique Infra-tech Pvt Ltd and Kakatiya Crystal Power (India) Ltd.

In 2019, Central Bureau of Investigation registered cases against Rayapati Sambasiva Rao under Sections 120B (r/w) , 420, 406, 468, 477 (B), Prevention of Corruption Act, 1988- sections 13 (2), r/w 13 (1) (d) for duping the bank.

Based on the First Information Report, the ED registered cases under Prevention of Money Laundering Act (PMLA) and started the probe.