Enforcement Directorate (ED) conducted raids at the residence and offices of Srinivas Kalyan Rao, who is the Son of former CBI Director Vijaya Rama Rao, on Monday evening.
Reportedly, Srinivas Kalyan Rao obtained Rs 304 crore loan from three banks. While Rs 124 crore was borrowed from the Central Bank, Corporation Bank and Andhra Bank offered Rs 120 crore and Rs 60 crore respectively. After Mr.Rao failed to repay the loan, Bank Officials decided to focus on the assets which were mortgaged to obtain loan. Only then, They came to know about the manner in which loan was obtained used forged documents. Quickly, CBI was alerted for further action and cases were booked in February 2016. The Enforcement Directorate has conducted searches at the properties belonging to Srinivas Kalyan Rao.
Vijaya Rama Rao have a very clean image. He is known to be non-controversial and the one who always maintained good conduct. Whereas, Srinivas Kalyan Rao damaged the reputation of his Father by cheating the banks.
Reportedly, Srinivas Kalyan Rao obtained Rs 304 crore loan from three banks. While Rs 124 crore was borrowed from the Central Bank, Corporation Bank and Andhra Bank offered Rs 120 crore and Rs 60 crore respectively. After Mr.Rao failed to repay the loan, Bank Officials decided to focus on the assets which were mortgaged to obtain loan. Only then, They came to know about the manner in which loan was obtained used forged documents. Quickly, CBI was alerted for further action and cases were booked in February 2016. The Enforcement Directorate has conducted searches at the properties belonging to Srinivas Kalyan Rao.
Vijaya Rama Rao have a very clean image. He is known to be non-controversial and the one who always maintained good conduct. Whereas, Srinivas Kalyan Rao damaged the reputation of his Father by cheating the banks.