The CBI on Tuesday conducted searches on the properties of YSRC rebel MP K Raghu Rama Krishnam Raju regarding Rs 826-crore bank fraud involving a consortium of banks led by Punjab National Bank.
Searches were conducted on 11 locations, including in Hyderabad and Mumbai, by the CBI officials from Delhi and Hyderabad.
The CBI has lodged a fresh FIR regarding the Rs 826-crore fraud under cheating, criminal misappropriation against ten accused linked to Ind-Bharath Thermal Power Limited company.
The consortium of banks include State Bank of India, Indian Overseas Bank, Axis Bank and PNB.
The CBI named K Raghurama Krishnam Rajju Ramadevi, wife of Raju, Kotagiri Indira Priyadarshini, daughter of Raju (Daughter-in-law of Congress MP K V P Ramachandar Rao), Boppana Sowjanya, Veeravenkata Satyanarayana Rao Vadlamani, Visspragada Perraju, Gopalan Manoharan, K Seetarama, Bhagavathhula Prasad, Namburi Kumara Swamy apart from the Ind-Barath Thermal Power company.
Searches were conducted on the residences of all the accused and the company premises in Secunderabad, Mumbai.
The accused company obtained a loan for the power plant in Karnataka and later shifted it to Tuticorin in Tamil Nadu.