Live
- A Guide to Temperature and Humidity Standards in Data Center Server Rooms
- Gadwal collector briefs on details of voters
- Jupally Krishna Rao takes part in Alampur rallu
- Bharath Prasad files 3rd Nomination
- Baisakh Month: A Time of Auspicious Beginnings and Sacred Festivals
- Oust BJD govt for overall development, says Shah
- Unveiling the Hidden Gems: Surprising Health Benefits of Garlic Peels
- Overcoming Sleep Struggles: A Comprehensive Guide to a Restful Night
- RTC bus hit the auto
- MLA Kuchukula Rajesh Reddy participated in the Birappa festival
YSR Congress leader accused for 947 crore loan default
The CBI filed an FIR basing on the charges of misrepresentation, cheating, forgery, criminal breach of trust and causing huge wrongful financial losses to lenders.
HYDERABAD: On Tuesday, the houses and offices of YSR Congress Party leader and industrialist belonging to the West Godavari district K Raghu Rama Krishnam Raju searched by the Central Bureau of Investigation(CBI) in Gachibowli and in the state of Andhra Pradesh, for alleged loan default of Rs 947 crore.
The investigating agency said that, the company of the leader Ind Barath Power Ltd took loans of Rs 2,655 crore from three non-banking financial companies — Power Finance Corporation, Rural Electrification Corporation Ltd and India Infrastructure Finance Company Ltd. The agency stated the company to be defaulted in payments of Rs 947 crore which have converted into non-performinFIR, CBI, Crime, YSR Congress leaderg assets.
The CBI officials have reportedly recorded the statement given by Raju after a complaint by banks regarding default of Rs 600-crore loan. The industrialist had failed to repay the loans after incurring losses and applied for a one-time settlement of the loans.
According to sources, the CBI filed an FIR basing on the charges of misrepresentation, cheating, forgery, criminal breach of trust and causing huge wrongful financial losses to lenders. "Axis Bank has not only failed to discharge its responsibility to keep all the documents of ownership of permitted investment in its custody, but it also did not inform the lenders the same at any point of time thereby misutilisation of the funds," the FIR said.
