In a consortium led by the popular Canara bank, the Hyderabad-based Transstroy India Ltd. and its directors are alleged for bank fraud which is turning out to be the biggest than the diamantaire Nirav Modi.
The amount of Rs.7,926 crores which are greater than the misappropriated funds of Nirav has been the biggest loan scam in the country which is said to be exercised by these directors of Transstory India limited. In the FIR, it was clearly stated that the EX MP Rayapati Sambasiva Rao diverted the funds to 4 fictitious companies whose directors are his maids, drivers and domestic helpers.
Nonetheless, a huge chunk of money has been diverted to Padmavati, Balaji and Ruthwik enterprises who directors are still unknown and even more than Rs 1500 Cr worth stock has been dumped at polavaram irrigation project site. The CBI was shocked to know that the stock worth of such high amount was stored at the site.
The investigation is going at full pace and more details are awaited. Along with Rayapati, the CBI also mentioned the names of MD and Chairman Cherukuri Sridhar and additional director Akkineni Satish.