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ED books Rayapati for money laundering

ED books Rayapati for money laundering

Even as the Central Bureau of Investigation has registered a criminal case against senior Telugu Desam Party leader and former Narsaraopet MP Rayapati Sambasiva Rao in a bank loan default case, the Enforcement Directorate authorities followed it up with yet another case against him.

ED has booked a case of money laundering against Rayapati for alleged diversion of Rs 16 crore from his company Transstroy to Singapore, Malaysia to Russia.

The ED also filed a case against Transstroy under Foreign Exchange Management Act (FEMA).

Earlier, the former MP has been charged under Section 120 (b), 420, 406, 468, 477 (a), Section 13 (2) of Prevention of Corruption Act, following the complaint of Union Bank of India.

In the complaint, the bank said Rayapati had defaulted clearance of loans to the banks. The CBI sleuths raided on his house and his offices in Hyderabad, Vijayawada, Guntur and Delhi. 

Transstroy has defaulted a loan of a whopping Rs 8,832 crore. And the CBI suspected that he had diverted Rs 3822 crores to other countries.

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Tags: CBI Rayapati Sambasiva Rao FEMA ED