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Former TDP MP cheated a consortium of banks of over 7,000, ED alleges
By: Tupaki Desk | 30 March 2021 7:52 AM GMT
Senior Telugu Desam Party(TDP) leader and former Guntur Parlimentarian Rayapati Sambasiva Rao has been facing allegations of bank fraud and the Enforcement Directorate (ED) is probing the multi-crore Transstroy (India) scam over the past few years.
As part of the probe in the much-talked-about case, the ED has found out that Transstroy Ltd had laundered not less than 7,153 cores to several firms floated with the sole purpose of diverting the money.
What left the ED sleuths stunned is the directors of the shell companies are the employees and sweepers of the Transstroy company. The employees don't even know that companies were floated to divert the money and they are the directors of the companies.
To obtain loans from the banks, these shell companies carried out fake transactions and the transactions were used as a way to divert the bank loans legally, the ED alleged.
So far, the investigation in the case has found out that the Trasstroy company has obtained Rs 10,115 as bank loans and the banks are fighting to get back the loan amount.
Earlier, the CBI had raided the residences and offices that belong to the former MP in Guntur and Hyderabad and seized important pieces of evidence like some papers, computers, and hard disks.
On the other hand, the ED is intensifying its probe in the case to find out the reason behind floating the shell companies to which the loan amounts were diverted. More details will be out once the investigation gets completed.
As part of the probe in the much-talked-about case, the ED has found out that Transstroy Ltd had laundered not less than 7,153 cores to several firms floated with the sole purpose of diverting the money.
What left the ED sleuths stunned is the directors of the shell companies are the employees and sweepers of the Transstroy company. The employees don't even know that companies were floated to divert the money and they are the directors of the companies.
To obtain loans from the banks, these shell companies carried out fake transactions and the transactions were used as a way to divert the bank loans legally, the ED alleged.
So far, the investigation in the case has found out that the Trasstroy company has obtained Rs 10,115 as bank loans and the banks are fighting to get back the loan amount.
Earlier, the CBI had raided the residences and offices that belong to the former MP in Guntur and Hyderabad and seized important pieces of evidence like some papers, computers, and hard disks.
On the other hand, the ED is intensifying its probe in the case to find out the reason behind floating the shell companies to which the loan amounts were diverted. More details will be out once the investigation gets completed.
