The CBI on Thursday conducted searches on the residences and offices of YSRC party MP from Narasapuram Kanumuri Raghurama Krishnam Raju in connection an alleged bank fraud to the extent of Rs 826 crore involving a consortium of banks led by Punjab National Bank.
According to a CBI statement, searches were being conducted in 11 locations, including at Hyderabad, Mumbai and West Godavari district in Andhra Pradesh.
The authorities also raided the office and residential premises of Raju and his company Ind Barath Thermal Power Limited in Secunderabad, in Ranga Reddy district and other areas.
The CBI said a case was booked against Raju based on a complaint from the Punjab National Bank and other banks in the consortium for causing an alleged loss of Rs 826.17 crore to them.
“It was alleged in the complaint that the accused had cheated the Punjab National Bank led consortium banks by way of diversion / siphoning off bank funds etc. We have booked a case and investigation is continuing,” the CBI official release said.
It may be mentioned that Raghurama Krishnam Raju has turned a rebel against YSRC led by chief minister Y S Jagan Mohan Reddy in the last few months and has been constantly attacking the party and its president.
The YSRC had already served a show cause notice on him and even represented to Lok Sabha speaker Om Birla seeking his disqualification from his parliament membership for defying the party discipline.