CBI FIR against YSRCP MP Raghu Rama Krishna Raju

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The CBI Delhi unit has registered a case against Narasapuram YSRCP MP Kanumuru Raghu Rama Krishna Raju for allegedly misappropriating Rs 237.84 crore by borrowing for his IND-Barath Power Gencom Limited.

The FIR was registered following a complaint lodged by State Bank of India Chennai Branch Deputy General Manager S Ravichandran in Chennai on March 23. Along with the MP, the directors of the company were also booked in the case.

According to media reports, the agency has booked them under the sections of IPC 120B read with 420, 468, 471 and charges under Section 13 (2) read with 13 (1) (d) of the Anti-Corruption Act.

According to the FIR, all the accused were involved in a criminal conspiracy, fraud, forgery and forgery of documents. It alleges that fake financial statements have conspired to divert loans from a consortium of banks by creating speculative transactions.

According to the CBI, Ravichandran mentioned in his complaint that the fraud had taken place between 2012 and 2017 and it was exposed in the forensic audit.

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