Enforcement Directorate Books Rayapati Sambasiva Rao

January 03, 2020 13:10
Enforcement Directorate Books Rayapati Sambasiva Rao

(Image source from: Thehansindia.com)

Enforcement Directorate books Rayapati Sambasiva Rao:- Senior politician and TDP former MP Rayapati Sambasiva Rao has been facing allegations of money laundering and the Enforcement Directorate officials conducted raids on the premises of Rayapati Sambasiva Rao recently. He is now charged in the case. As per the reports, the officials of Enforcement Directorate found a sum of Rs 16 crores which was diverted to Singapore, Malaysia and Russia. A case has been filed against Transtroy Company in which Rayapati Sambasiva Rao is a stakeholder.

A case has been registered under FEMA Act and Rayapati Sambasiva Rao is charged under Section 120 (b), Red with 420, 406, 468, 477 (a), PCE Act 13 (2) and Red with 13 (1) B. Rayapati Sambasiva Rao took loans from banks and made no repayments after which cases have been registered with the CBI by the banks. Transtroy took loans from 15 banks worth Rs 8832 crores. The CBI and ED officials suspect that Rs 3822 crores are diverted.

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