ED Attaches Rs 96.21 Cr Worth Assets of TRS MP Nama Nageshwar Rao

HYDERABAD: The Enforcement Directorate (ED) has provisionally attached 105 immovable properties and other assets worth Rs 96.21 Crore belonging to Madhucon Group of companies associated to TRS MP Nama Nageshwar Rao and its directors and promoters in a money laundering case against Ranchi Expressway Ltd Bank Fraud, under the provisions of Prevention of Money Laundering Act (PMLA), 2002.

It may be recalled that on June 11, 2021,the ED searched the offices of Madhucon Group, the residences of K Srinivasa Rao, CMD of Ranchi Expressway, and the residences of its directors N Seetaiah and Nageswara Rao’s son N Prithvi Teja, in connection with a Rs 1,064 crore bank fraud case.Ranchi Expressway is an entity floated by Madhucon Infra to execute a contract of four-laning a 163 km stretch from Ranchi to Jamshedpur, awarded by the National Highways Authority of India (NHAI) to Madhucon in 2011. 

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