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The Enforcement Directorate (ED) on Friday conducted searches here at the residences and offices of the TRS MP Nama Nageswara Rao and the directors of Ranchi Expressway Limited in connection with Rs 1,064 crores bank fraud case, sources said.According to sources, searches were conducted at six locations 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.Earlier, 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.SFIO report has alleged Consortium of Banks led by Canara bank has released Rs 1029.39 crores without verifying the progress of the project and in that around Rs 264 crores were diverted by the said companies and not used for the said project.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Ranchi expressway limited, Latest News

International :IL&FS completes transfer of two more Road SPVs to Invit at Enterprise Value (EV) of Rs 979 cr

New Delhi, Dec 21 Hazaribagh Ranchi Expressway Limited (HREL) and Thiruvananthapuram Road Development Company Limited (TRDCL) both transferred ... ...

National :ED raids residences, offices of TRS'Nama Nageswara in Rs 1,064 crore bank fraud case

The Enforcement Directorate (ED) on Friday conducted searches here at the residences and offices of the TRS MP Nama Nageswara Rao and the directors of Ranchi Expressway Limited in connection with Rs 1,064 crores bank fraud case, sources said. ...