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Expedite probe into Raju fraud, Sai Reddy asks CBI

Expedite probe into Raju fraud, Sai Reddy asks CBI

Even as YSR Congress party rebel MP Kanumuru Raghu Ramakrishna Raju continues to sling mud on the Jagan Mohan Reddy government on various issues, including the alleged sale of spurious liquor brands, the party leadership, too, has stepped up efforts to see that he is thrown behind the bars.

On Thursday, YSRC general secretary and parliamentary party leader V Vijay Sai Reddy wrote to the Central Bureau of Investigation to expedite the probe into the alleged bank fraud case involving Raju and his company. He also met Prime Minister Narendra Modi and discussed the issue.

In his letter to the CBI, Sai Reddy requested that the CBI speed up the probe to lift the corporate veil to unmask the real fraudsters.

He also wanted that the court impose a travel ban on the directors and other related parties of the accused companies, including Raghu Ramakrishna Raju.

He also wanted the CBI to take immediate steps towards the recovery of the fraud amount along with interest from the accused companies and their directors by personally holding them liable.

“I request you to take prompt steps to ensure that the real culprits behind the massive fraud committed by Ind-Barath Thermal Power Ltd (floated by Raghu Ramakrishna Raju) face the law and repay the loan amount along with interest.

He said the IBTPL was sanctioned various credit facilities by the consortium of 10 banks, led by Punjab National Bank to the extent of Rs 1004.6 crores, supposedly for setting up a 300 MW coal-based power plant in Honkan Village in Karnataka and later to Tuticorin, Tamil Nadu.

In due course, there were several instances of Power Finance Corporation (PFC) and Rural Electrification Corporation(REC) under the Ministry of Power visiting the site of the project, and they had expressed concerns regarding its slow progress of the work and had recorded their concerns. 

In March 2018, Punjab National Bank declared the account of M/s IBTPL as NPA with an effective date as 30 June 2016 with outstanding liability at Rs. 1021.13 crores.

Based on the Forensic Audit Report dated 31 August 2019, which indicated a diversion of funds between 1 April 2014 and 31 August 2018, Punjab National Bank (lead bank) declared IBTPL's account 'fraud' on 14.11.2019. 

All other 9 banks in the consortium of lenders also declared the account as fraud as a complaint was filed with the Central Bureau of Investigation, New Delhi, as the money was swindled by IBPTL. 

“There is an added responsibility on the CBI to take this matter more seriously and pursue it with greater vigour. The delay in disposing of the case has led to its promoters living a lavish lifestyle splurging the ill-gotten money on cars and houses,” Sai Reddy added.

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Tags: CBI Raghurama Krishnam Raju Vijay Sai Reddy