The Enforcement Directorate (ED) had issued summons to TRS MP Nama Nageswara Rao. ED ordered the Khammam MP to appear before it for trial on June 25th. The case pertains to taking loans from banks in the name of his Madhucon company and then, diverting the money.
All the accused in the case were issued notices. Last Friday, the ED has conducted searches at the residence and offices of Nama and the directors of Ranchi Express Way Limited in connection with Rs 1,064 crore bank fraud. CBI has registered an FIR in 2019 and the charge sheet was filed last year.
Banks led by Canara Bank agreed to fund Rs 1,151 crore for the Ranchi Express Way project with a contribution of Rs 503 crore by promoters. SEBI found the promotors misappropriating funds to the tune of 264 Crore while there was no progress in the project work.
CBI alleged that the accused indulged in fraud to get a total loan of Rs 1,029 crore and the loan became a non-performing asset in 2018. The National Highways Authority of India (NHAI) terminated the contract in January 2019.Don't MissRRR Song – Thematic Yet Appealing With Goosebumps EndingThe first song, Dosti, of the most awaited movie of the year RRR, is out....Don't MissSankranthi 2022 Dates - Here's The Biggest Gainers And LosersThe Sankranthi 2022 biggies’ dates are out with the announcement of the release date of...Don't MissPrashant Kishor Pushes Jagan Into A FixA Newspaper report has carried that Political strategist Prashant Kishor has met YSR Congress MP...Don't MissIshq: Not A Love Story Review - A Terrible RemakeBOTTOM LINE A Terrible Remake OUR RATING 2/5 CENSOR 'U/A', 1h 55m What Is the...Don't MissThimmarusu Review - Over-Smart, Yet Watchable!BOTTOM LINE Over-Smart, Yet Watchable OUR RATING 2.75/5 CENSOR 'U/A' What Is the Film About?...