Every other day, we keep hearing about some or the scam in the country, and each scam surpasess the other in some or the other way. However, there is one scam that is now being touted as the biggest scam ever, having passed the magnitude of Nirav Modi’s scam even.
Ex-MP Raayapati Sambasiva Rao is said to be a part of a scam so big, that the amount that he has to pay the banks is nearly Rs. 8,000 Crores. Raids were conducted at Raayapati’s properties yesterday, and the real scale of the scam that Raayapti is a part of, has come out as a result. An official press note has been released from Delhi, following the raids at Raayapati’s house.
Raayapati’s family own a company called Transtron, which was initially chosen as the company to construct Polavaram project initially. The Congress party gave the contract to Raayapati’s family, when the Congress was in power. On behalf of the company, a total of Rs. 7,926.01 Crores has been taken as a loan, but none of that amount has been paid back. As a result, Canara Bank has filed cases, following which raids have taken place.
What’s interesting is that this is not the first time that the CBI has raided Raayapati’s house, as this has happened previously also. Despite raids in the past, no action has been taken against Raayapati in the past, which is now making everyone wonder if things will be any different this time, or if they will turn out to be the same as always.