CBI books its former boss’ son

Highlights

The Chennai branch of the Central Bureau of Investigation (CBI) has registered criminal cases against K Srinivas Kalyan Rao, the son of CBI former director K Vijaya Rama Rao,

Hyderabad: The Chennai branch of the Central Bureau of Investigation (CBI) has registered criminal cases against K Srinivas Kalyan Rao, the son of CBI former director K Vijaya Rama Rao, on the charges of borrowing huge sums of money from banks and failing to repay the same. Kalyan Rao is also accused of producing forged documents to avail of loans amounting to Rs 304 crore from several banks, which includes the Central Bank of India.

Following the complaints from the bank managers, the CBI has registered the cases against him under the Sections 120 (B), 420, 468 and 471 of IPC. Simultaneous raids were carried out on his properties in the city and Chennai and some incriminating documents were reportedly seized by CBI officials.

The Central Bank of India (Corporate Finance Branch) Assistant General Manger, R Sundara Raman, lodged a complaint with CBI stating that Srinivas Kalyan Rao had obtained a loan of Rs 124 crore in 2013 to purchase materials for his Best & Crompton Engineering Projects Ltd., which is based in Nungambakkam in Chennai.

Kalyan Rao has also reportedly borrowed Rs 60 crore from Andhra Bank and Rs 120 crore from Corporation Bank and furnished fake purchase bills of procuring machinery and equipment for his company and cheated the banks. Besides Kalyan Rao, the CBI also registered cases against ten others.

Kalyan Rao’s father, a former director of CBI Vijaya Rama Rao, recently joined Telangana Rashtra Samithi. He had held ministerial posts in the erstwhile Andhra Pradesh while he was in Telugu Desam Party. Because of the raids at Kalyan’s house in Banjara Hills, the house has been locked and he could not be contacted. It was also reported that the CBI officials identified houses of Kalyan Rao at Nacharam, Mancherial, Rajendranagar, a company in Kakinada Port and another one in Hyderabad.

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