The CBI has registered a case against Hyderabad-based Transstroy (India) Ltd and CMD Cherukuri Sridhar for allegedly defrauding a consortium of banks led by Canara Bank to the tune of Rs 7,926 crore. Information that this is a bigger amount than what Neerav Modi has to give to the banks.
CBI officials have been conducting searches at the residence of former MP and TDP senior leader Rayapati Sambhasivarao since this morning in connection with the TranssTroy case investigation. Authorities are reported to have seized several key pieces of evidence. The CBI had earlier registered a case against the Rayapati companies for allegedly evading loans from banks. CBI officials have searched and gathered valuable information even in the past regarding the same case.
The Rayapati’s family members suspect that Sridhar, who was the CEO of the company, was involved in misappropriation of funds. It is learned that the Rayapati’s family had earlier lodged a complaint with the CBI against him in this regard. Also Sridhar was trying to go abroad with a fake passport. In this context, CBI officials searched Sridhar’s residence and office as well as Sridhar’s residence.