ED raids on MP Nama Nagehswar Rao

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The Enforcement Directorate has conducted searches here at the residences and offices of the MP Nama Nageswara Rao and the directors of Ranchi Expressway Limited in connection with the Rs 1,064 crores bank fraud case.

The search was conducted at 7 places apart from the house of Nama Nageshwar in Hyderabad.

In March 2019, the Central Bureau of Investigation (CB) had registered a case against Ranchi Expressway Limited, Madhucon Group of Companies and officials of Consortium of Banks led by Canara Bank for alleged irregularities in the Ranchi-Jamshedpur (NH-33) project.

The NHAI awarded the contract to Ranchi Expressway Ltd owned by Nama’s Madhucon Project Ltd but Nama’s firms failed to take up works and even defaulted on repayment of loans. With this, banks declared loans as NPA and filed cases against Nama’s firms.

The High Court taking suo motu had ordered Serious Fraud Investigation Office (SFIO) to conduct a probe into the delay of completion of the said project which commenced in December 2012.

Based on SFIO’s report, CBI registered a case against the executing company Ranchi Expressway Ltd, Madhucon Group of Companies and other officials of Canara Bank.