ED raids former TDP MP Rayapati Sambasiva Rao.Officials of the Enforcement Directorate (ED) conducted raids on former TDP MP Rayapati Sambasiva Rao. it is known that ED is investigating Rs 10,000 crore bank loan fraud case and regarding this, ED officials conducted raids on Rayapati Sambasiva Rao's business premises in Guntur and Hyderabad.
ED is suspecting that Rayapati Sambasiva Rao allegedly diverted a huge amount to Malineni Sambasiva Rao's companies and so they conducted raids at his house and business establishments. ED officials registered PMLA cases in connection with the CBI's bank fraud cases and they conducted simultaneous raids at 15 different locations in Jubilee Hills, Banjara Hills, Puppalaguda, Madhapur in Hyderabad, and Guntur.
ED suspects Rayapati Sambasiva Rao, who was the promoter of Transstroy India (Ltd) duped the Union Bank of India by taking a loan of Rs 10,000 crore. The amount was allegedly directed to his close relative Malineni Sambasiva Rao's companies.
CBI registered cases against Rayapati Sambasiva Rao under Sections 120 B (r/w) , 420, 406, 468, 477 (B), Prevention of Corruption Act, 1988- sections 13 (2), r/w 13 (1) (d) for duping the bank in 2019 and based on the FIR the cases are probed.
