The Enforcement Directorate officials raided the TRS MP Nama Nageswara Rao's residence on Friday. ED officials conducted raids following allegations of a bank fraud of Rs 1,064 crore. Raids have been simultaneously conducted at Nama's office, Ranchi Expressway CMD K Srinivas, Company Directors Seethaiah and Prithviraj's residences. Nama Nageswara Rao was accused of taking loans and diverting the money to foreign companies.
A case has been registered against Nama Nageswara Rao by CBI in 2019 and a chargesheet has been filed in 2020. The CBI has named Madhucon Infra, Madhucon Project, Madhucon Tollway auditors as accused in the chargesheet.
In 2011, NHAI handed over the construction of Ranchi-Jamshedpur Road under NH-33 to Madhucon Projects Limited. The company started construction works of 16 km in the name of Ranchi Expressway. Several banks have come forward to give a loan of Rs 1,151 crore for the project. The funds have to be used for the construction of the Ranchi Expressway but according to the reports the money laundering has taken place.