Enforcement Directorate Raids Telangana MP's House In Rs 1,064 Crore Fraud Case

Telangana: The ED raids at MP Nama Nageswara Rao's house came after the CBI had in March 2019 registered a case for alleged irregularities in Ranchi-Jamshedpur (NH-33) project.

The Enforcement Directorate (ED) on Friday conducted searches at the Hyderabad residences and offices of Telangana Rashtra Samithi (TRS) MP Nama Nageswara Rao and the directors of Ranchi Expressway Limited in connection with a Rs 1,064 crore bank fraud case, sources said. According to sources, searches were conducted at six locations in Hyderabad. In March 2019, the Central Bureau of Investigation (CBI) had registered a case against Ranchi Expressway Limited, Madhucon Group of Companies and officials of Consortium of Banks led by Canara Bank for alleged irregularities in the Ranchi-Jamshedpur (NH-33) project. Earlier, the High Court, taking suo motu cognisance, had ordered Serious Fraud Investigation Office (SFIO) to conduct a probe into the delay of completion of the said project which commenced in December 2012.