CBI Raids on Rayapati Sambasiva Rao's Residence

December 31, 2019 15:32
CBI Raids on Rayapati Sambasiva Rao's Residence

(Image source from: hmtvlive.com)

CBI Raids on Rayapati Sambasiva Rao's Residence:- Senior politician and ex-MP Rayapati Sambasiva Rao wasn't active across the political circles after the bifurcation of Andhra Pradesh. He has been inactive after getting defeated in the polls. The Central Bureau of Investigation (CBI) conducted raids across the properties and residence of Rayapati Sambasiva Rao today early morning. The raids are going on in Guntur, Hyderabad, Vizag, Vijayawada and New Delhi. This is in connection with the Transstroy - A Russian based company in which Rayapati Sambasiva Rao is a stake holder.

Transstroy acquired a loan of Rs 300 crores from Indian Bank and is now a defaulter. The loan installments are not paid and the consortium of banks led by Union Bank filed a complaint with the CBI. Transstroy had plans to execute Polavaram project in June 2016 when Rayapati Sambasiva Rao worked as an MP. It is heard that Rs 250 crores from the Rs 300 crore loan was diverted by the directors. The raids are expected to continue for the complete day.

(Video Source: NTV Telugu)

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Rayapati Sambasiva Rao