HYDERABAD: The Central Bureau of Investigation (CBI) registered a case against Narsapuram MP Raghurama Krishnam Raju following simultaneous raids on his properties on Thursday. The case pertains to alleged default of loans running into several thousand crores of rupees to banks and non-banking financial institutions.
Teams of CBI officials that have arrived from its headquarters in Delhi conducted searches at his Hyderabad residence while simultaneous raids were also going on several of his properties in both the Telugu states. Earlier on October 6, the CBI raided about 11 places in Hyderabad and Mumbai belonging to Raghurama Krishnam Raju. A case of cheating for alleged defrauding of the banks and non-banking institutions was registered against the MP and eight others.
The searches were conducted at the houses of several directors of eight firms including Ind-Bharat Company that are promoted by the MP. Several key documents were understood to have been seized by the CBI teams during these searches.
This was not the first time the CBI has raided Raghurama Krishnam Raju’s firms and properties. On April 29th, 2019, teams of the central investigating agency carried out raids on the MP’s residences in Hyderabad and Bhimavaram in connection with the bank loans default case. It was alleged then that he had secured loans from banks to the tune of Rs 600 crores for the purpose of executing several projects. Besides this he was accused of defrauding banks to the tune of another Rs 947 crores which were secured as loans for Ind-Bharat Power Limited. Raghurama Krishnam Raju has also allegedly secured loans to the tune of Rs 2,655 crores from non-banking finance institutions.