Transstroy India Private Limited owner, and former TDP MP Rayapati Sambasiva Rao is now part of India’s biggest scam ever, after having skipped paying nearly Rs.8,000 Crores back to banks.
Rayapati had taken a loan amount of a whopping Rs.7,296 Crores from Canara Bank and other banks, under the names of various companies, most which are fabricated. Many companies have been named after maids and other servants, who functioned as binamis to Rao.
These fabricated companies include Padmavati Enterprises, Unique Engineers, Balaji Enterprises and Ruthwik Associates, all of which have claimed a whopping Rs 6,643 crores. The CBI has mentioned all of these companies in its FIR as well.
Furthemore, a KPMG forensic audit has stated that Rao’s debt goes beyond the above mentioned Rs. 7,296 Crores. It is being said that he has taken a loan amount of as much as Rs.9,394 Crores.
An FIR has been filed against Transstroy, Sambasiva Rao, company’s CMD Cherukuri Sridhar and director Akkineni Satish, at the CBI’s banking fraud and securities cell in Bengaluru.
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