GUNTUR: The Central Bureau of Investigation (CBI) on Friday carried out searches on the premises of former TDP MP Rayapati Sambasiva Rao at his native place in Guntur district. Special teams from New Delhi along with Andhra Pradesh CBI team were involved in these raids which started at 8 in the morning.
This was in connection with a bank fraud case and the sleuths are verifying various records pertaining to transactions of the Transstroy Company he owned. A few of his family members are said to be questioned in this regard.
The CBI booked the case against the former MP’s company for allegedly defaulting loans. According to reports, the former TDP MP's construction firm Transstroy India Limited had taken loans amounting to Rs 300 Crore that later turned into NPAs due to non-repayment. Based on a complaint, the CBI booked the case against the company and others.
A five-time MP from Andhra's Narsaraopet Lok Sabha seat, Sambasiva Rao managed to secure the prestigious Polavaram multi-purpose irrigation project contract during the previous TDP regime. However, his firm backed out from the project despite procuring a loan for it, said reports.
More details are awaited...