The Central Bureau of Investigation (CBI) is conducting raids on the offices and residences of former Member of parliament from andhra pradesh, Rayapati sambasiva rao, in an alleged case of defaulting loans taken from banks.
The former tdp mp Sambasiva Rao's construction firm Transstroy india Limited is said to have defaulted Rs 300 crore loans to the banks. The cbi sleuths conducted raids on the residences and offices of sambasiva rao in hyderabad, guntur, and bengaluru and also on the premises of the Transstroy Managing director sridhar Cherukuri and others, sources said.
sambasiva rao is a five-time mp representing Narsaraopet lok sabha constituency. He is a Veteran leader in the india NATIONAL CONGRESS' target='_blank' title='congress-Latest Updates, Photos, Videos are a click away, CLICK NOW'>congress Party left the party after the State Bifurcation and joined the telugu Desam Party. The company has got the contract of polavaram project during kiran kumar Reddy's time. The previous tdp Regime brought in some sub-contractors after they found Transtroy is incapable of executing the project. But the present india NATIONAL CONGRESS' target='_blank' title='congress-Latest Updates, Photos, Videos are a click away, CLICK NOW'>congress PARTY' target='_blank' title='ysr congress-Latest Updates, Photos, Videos are a click away, CLICK NOW'>ysr congress government totally scrapped the project and awarded the contract to a new company. cbi reportedly seized some crucial documents and Searches are continuing till the last reports came in.
