Country’s Premier Investigating Agency, CBI is conducting raids on the houses and offices belonging to Former Guntur MP, Rayapati Samba Siva Rao. The raids are also happening on the Transtroy Company in which Rayapati is a partner. The company has got the contract of Polavaram Project during Kiran Kumar Reddy’s time.
The company took a loan of 500 Crore from Indian Bank but failed to repay the loan. Upon the complaint of the Indian Bank, CBI entered the fray. Along with Rayapati’s offices in Guntur, Hyderabad, and Tamil Nadu, the Residence of the former MP in Guntur are also being raided.
Rayapati is not in the house when CBI came in. The previous TDP Regime brought in some sub-contractors after they found Transtroy is incapable of executing the project. But the present YSR Congress Government totally scrapped the project and awarded the contract to a new company.
Buzz is that the CBI took over some crucial documents and Computer Harddisk in the raids which are expected to go on till evening.
