Enforcement Directorate books Former MP Rayapati Sambasiva Rao under FEMA Act
After a series of raids held Central Bureau of Investigation at former MP and TDP Rayapati Sambasiva Rao residences a couple of days back, he has been charged in the ED case.
After a series of raids held Central Bureau of Investigation at former MP and TDP Rayapati Sambasiva Rao residences a couple of days back, he has been charged in the ED case. According to the reports, the Enforcement Directorate has found a sum of Rs 16 crore has been diverted to Singapore, Malaysia to Russia and have filed a case against the Transtroy Company Rayapati Sambasiva Rao under the FEMA Act.
Earlier, the former MP has been charged under Section 120 (b), Red with 420, 406, 468, 477 (a), PCE Act 13 (2) and Red with 13 (1) B.
Following the complaint of Union Bank regional head Bhargav to CBI on November 18 that the TDP leaders have defaulted the banks, the CBI sleuths raided on Sambasiva Rao's house, and the authorities checked offices. Simultaneous raids were conducted in Hyderabad, Vijayawada, Guntur and Delhi.
Trans Troy Company has been formed as a consortium of 15 banks with a loan of Rs. 8832 crore. The CBI suspected of diverting 3822 crores to other countries.
