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CBI searches YSRCP leader's premises

CBI searches YSRCP leader
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The CBI on Tuesday carried out searches at the residence of YSR Congress Party leader K Raghuram Krishnam Raju in Hyderabad and some other locations...

Hyderabad: The CBI on Tuesday carried out searches at the residence of YSR Congress Party leader K Raghuram Krishnam Raju in Hyderabad and some other locations in a multi-crore loan default case, the agency said.

The Central Bureau of Investigation (CBI) also conducted searches at two residential and four office premises in Hyderabad linked to Raju, besides his house in West Godavari district of Andhra Pradesh, an official said.

The raids were going on since morning on Tuesday.

It is alleged that Raju's firm Ind-Barath Power Ltd was sanctioned Rs 2,655-crore loan by three non-banking financial corporations (NBFCs) -- Power Finance Corporation Ltd, Rural Electrification Corporation Ltd and India Infrastructure Finance Corporation Ltd -- to set up a thermal power project.

The firm owned by the industrialist-cum-politician is accused of defaulting on Rs 948-crore of the sanctioned amount, the official said.

Raju had started his political career with YSRCP when the party was floated by Y S Jagan Mohan Reddy in 2011. In 2014, he joined the BJP after he was denied ticket to contest the Lok Sabha elections.

He returned to the YSRCP last month and secured the ticket from Narsapuram Lok Sabha constituency. Meanwhile, talking to media in the evening, Raghuram Krishnam Raju stated that no CBI inspections had taken place.

The YSRCP leader further stated that ninety percent of companies in power sector were facing problem and even the situation was no different with electricity boards.

"Tamil Nadu Electricity board had to make payments to my firm, but it said it was already in Rs 8,000 crore loss.

This matter was taken to the notice of National Company Law Tribunal (NCLT) and tribunal dismissed the same.

Later, we approached Appellate Tribunal, which directed us to settle the issue with the Tamil Nadu Electricity Board, but no progress was made so far due to elections.

Once we go for the settlement, we will pay all dues," he said.

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