The CBI has said that Hyderabad-based Transstroy India Private Limited owned by former TDP MP Rayapati Sambasiva Rao, which is embroiled in one of the biggest banking frauds in the country worth Rs 7,296 crore, had created fictitious companies in the name of maids, sweepers and drivers and made them directors to divert funds.
In its FIR, CBI alleged that Padmavati Enterprises, Unique Engineers, Balaji Enterprises and Ruthwik Associates swindled Rs 6,643 crore.
“Nine are non-existing companies, which have been created to run fraudulent operations with the assistance of employees,” the CBI alleged.
A KPMG forensic audit revealed that the accused had borrowed Rs 9,394 crore from Canara Bank and 13 other banks.
The CBI’s banking fraud and securities cell in Bengaluru issued the FIR against Transstroy, Sambasiva Rao, company’s CMD Cherukuri Sridhar and director Akkineni Satish.