CBI's grip on former Telugu Desam MP

- 8,000 crore of banks

- Filed a case of fraud against a Hyderabad-based company

Hyderabad Dated 19th December 2020 Saturday

The CBI had filed a multi-crore fraud case against former Telugu Desam Party MP Raipati Sambhaji Rao. Rao is alleged to have laundered Rs 8,000 crore to banks.

This is one of the biggest bank scams in the country. The consortium led by Canara Bank was slapped with crores of rupees by Rao. Rao is the Additional Director of Transtroy Company.

Rao, along with several others, committed the offense of fabricating accounts, round tripping and other ways to get the consortium's money back. Canara Bank had also lodged a police complaint against Rao. By diverting the loan amount sanctioned by the bank, Rao paid Rs 7,926.1 crore to the bank. In other words, the bank was limed.

Several other banks, including Canara Bank, were also forced to bear the loss.