CBI sleuths are conducting searches in the residences of former MP Rayapati and offices of Transstroy

Hyderabad:The Central Bureau of Investigation (CBI) sleuths are conducting searches on the residences of former MP Rayapati Sambasiva Rao and on the offices of Transstroy India Limited and several other persons related to the company.

CBI registered a case of cheating and criminal misappropriation against Transstroy, Rayapati and other members for siphoning off around Rs 250 crore of Rs 300 crore bank loan.The consortium of banks led by Union Bank has filed the complaint with CBI earlier. Searches are conducting in Hyderabad, Vishakapatnam, Guntur and several other places in Telangana and Andhra Pradesh.

Transstroy sought the Polavaram contract during TDP regime and later the part of project was given to Navayuga. More details awaited.