Enforcement Directorate searches at offices of TRS MP’s firm
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Enforcement Directorate officers on Friday performed searches at some of the offices of Madhucon Group belonging to TRS MP and its Lok Sabha flooring chief Nama Nageswara Rao, sources mentioned.
The searches are associated to alleged fund diversion of Ranchi Expressway Limited, a Madhucon Group firm, they mentioned.
The searches have been performed at Madhucon offices in Jubilee Hills right here and residences of some of the administrators, sources mentioned.
The Central Bureau of Investigation, in March 2020, booked the promoters of the Ranchi Expressway Ltd, together with its Chairman and Managing Director K. Srinivasa Rao, for allegedly inflicting a loss of over ₹1,000 crore to a consortium of banks led by Canara Bank.
Ranchi Expressway Limited had been included within the yr 2011 as a particular objective car promoted by Madhucon Infra Limited and Madhucon Projects Limited to hold out the four-laning of Ranchi-Jamshedpur Highway part of NH-33 from km 114 to km 277.500 in Jharkhand on Design, Build, Finance, Operate, Transfer (DBFOT) Annuity foundation.
The administrators allegedly indulged in fraudulent acts to get a complete mortgage of ₹1,029.39 crore launched by the consortium of banks however no progress was made on the mission with the mortgage changing into a non-performing asset in 2018, the CBI had mentioned.
On January 31, 2019, the National Highways Authority of India terminated its contract with the corporate and forfeited ₹73.95 crore by approach of encashment of the efficiency financial institution assure with Canara Bank.
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