New Delhi: The CBI has filed a charge sheet against YSR Congress MP Raghu Ramakrishna Raju and 15 other individuals and companies in an alleged loan fraud case of Rs 947 crore with Power Finance Corporation Limited (PFC) and other lenders. Officials gave this information on Friday.
In its chargesheet filed in the special CBI court, the agency alleged that Raju’s company Ind Barth Group had allegedly paid Rs. 947.71 crore (approx) from a consortium of lenders – PFC, Rural Electrification Corporation Limited (REC) and India Infrastructure Finance Company Limited (IIFCL) – for setting up a thermal power plant at Tuticorin, Tamil Nadu.
The CBI has listed the borrower company Ind-Barath Power Madras Ltd, its then CMD and Lok Sabha member Raju, director Madhusudan Reddy as accused, officials said.
“It was further alleged that the borrower company neither completed the project nor complied with the terms and conditions of the loan agreements. The accused, including the borrower company, had allegedly made deposits with Bank of India and UCO Bank. transferred/diverted project funds disbursed to and advance payment to contractors,” said CBI spokesperson RC Joshi.
He said in the CBI charge sheet that the accused allegedly took loans against these fixed deposits and advances paid to the contractor for the group companies and subsequently due to non-payment of the loan amount, the said FD were adjusted against loan accounts, causing loss to the lenders.
“It was also alleged that the borrower company in connivance with other accused illegally used and misappropriated the disbursed funds for setting up thermal power project. Thus, the accused cheated the complainants, lenders and earned Rs.947.71 crore. (approximately) the damage was done. After the investigation, the charge sheet was filed.’
Apart from these accused, eight associate companies- Ind-Barath Power Infra Ltd., Arke Energy (Rameswaram) Ltd., Sriba Seabase Pvt. Ltd, Ind-Barath Power Gencom Ltd, Ind-Barath Energy Utkal Ltd, Ind-Barath Power Commodities Ltd, Ind-Barath Energies Maharashtra Ltd. And Ind-Barath Thermal Power Limited has also been listed as accused.
The agency further hired contractor Sokeo Power Pvt. Ltd and its managing directors Y Nagarjuna Rao and two chartered accountants of M Srinivasulu Reddy & Associates, M Srinivasulu Reddy, and Praveen Kumar Jabad, partner, TR Chadha & Co LLP, besides C Venu, an officer of Ind-Barath Group, accused K. in the form of. officials said.
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