The Enforcement Directorate (ED) officials have been conducting searches at the residence of TRS MP Nama Nageswara Rao in Telangana. The searches, which started on Friday at 7 am, are continuing at five locations, including the offices and residence of the MP.
As per reports, these raids are in connection with the alleged Rs 1064 crore bank fraud. Reports reveal that the TRS parliamentarian took loans in the name of Ranchi Express Highway Pvt Ltd in the year 2011, and later they allegedly diverted Rs 264 crores to some others. This has turned into a scam.
Back in 2019, the CBI had also booked Mr Rao related to Ranchi Expressway Limited as he was the director. The ED has also conducted raids at the residence of other people associated with this alleged scam.