CBI Raids residences of Rayapati, Sridhar Cherukuri

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CBI Raids residences of Rayapati, Sridhar Cherukuri
CBI Raids residences of Rayapati, Sridhar Cherukuri

The CBI sleuths, who are conducting searches in the house of TDP leader and former MP Rayapati Sambasiva Rao since Saturday, have extended them to his offices and residences in Delhi, Vijayawada, Hyderabad and Guntur too. In addition, the offices of his company Transstroy are also being raided. Transstroy MD Sridhar Cherukuri’s house is also being raided.

The raids began early on Tuesday morning. The CBI has booked a case of cheating and criminal misappropriation against Transstory, Rayapati and his associates for misappropriating Rs 250 crore from the bank loans worth Rs 300 crore. The loans were taken from the Indian Bank, Canara Bank, Union Bank of India and others, which filed a complaint with CBI. Preliminary probe showed that the company’s directors had fudged the accounts and forged the financial accounts to secure loans and funds were diverted for purposes other than the reason for which they were procured. The bank probe has also shown that there is a large-scale financial fraud.

Transstroy was the original contractor of the Polavaram project.. The project was later handed over to Navayuga constructions. Hence, the raids are likely send tremors among the politicians belonging to the TDP. There are fears that the raids could extend to other politicians also. The YSRCP has all along been alleging that there was largescale corruption and misappropriation in the Polavaram project.

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