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Rs 1,064 crore loan scam: TRS MP receives notice from ED | India News

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HYDERABAD: Officials from the Directorate of Enforcement (ED) have summoned Nama Nageswara Rao, a member of the Lok Sabha of Telangana Rashtra Samithi (TRS), for questioning on June 25 in connection with a $ 1.064 million loan fraud case. rupees.
The directors of Ranchi Expressway Limited, K Srinivasa Rao, N Seetaiah and Nama Prithvi Teja, son of the TRS deputy, were also summoned. The ED had seized Rs 1 crore in cash and gold jewelry and “incriminating” documents related to the case from the defendants’ office and residences. The agency alleged that despite the banks releasing Rs 1,029 crore, there was no progress on the project.
Investigations revealed that Rs 264 crore was diverted due to equity swapping, infusion of subordinated debt and diversion of mobilization advances, the ED claimed. Nama Nageswara Rao is a bank guarantor for the loan. Despite multiple calls and messages, the TRS politician could not be reached for comment.



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