ED raids at TRS MP Nama Nageswara Rao's office and residence

11-06-2021 Fri 14:53
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The Enforcement Directorate (ED) officials have been conducting searches at the home and offices of TRS Lok Sabha MP Nama Nageswararao. The search operation is also carried out at the office of Madhukan Group of Companies in Hyderabad. The entire six-team of ED raid is being carried out simultaneously in five areas in Hyderabad. There have been allegations of defrauding banks in the name of loans. There are allegations of borrowing over Rs 1,000 crore from Canara and other banks. There are allegations that money was diverted to foreign companies. ED has reportedly conducted a raid at Nama Nageswara Rao's Khammam residence. Bank fraud cases worth about Rs 1,064 crore are under investigation. It is alleged that the loans were taken in the name of Ranchi Express Highway Pvt Ltd in the year 2011, and later Rs 264 crores were allegedly diverted to some others. These searches have become a hot topic in Telangana political circles.

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