CBI Raids TDP leader on charges of bank default to the tune of Rs 300 Crores

Telangana/Hyderabad, Dec 31 (HS): The former TDP MP Sambasiva Rao’s construction firm Transstroy India Limited is said to have defaulted Rs 300 crore loans to the banks. The CBI sleuths conducted raids on the residences and offices of Sambasiva Rao in Hyderabad, Guntur and Bengaluru and also on the premises of the Transstroy Managing Director Sridhar Cherukuri and others.The raids are still continuing when the reports last came in.

A influential leader in Guntur district, Sambasiva Rao is a five-time MP representing Narsaraopet Lok Sabha constituency. He was associated with Congress party for over three decades and joined TDP in 2014.
His firm bagged the prestigious Polavaram multi-purpose irrigation project contract during the previous congress regime in undivided Andhra Pradesh led by Mr Kiran Kumar Reddy that invited ire of the opposition. Citing excess payments and violation of rules, YS Jagan government even ordered recovery of payments made to Transtroy. However, Transstroy backed out of the contract later.

CBI sources said a case was registered against Sambasiva Rao following a complaint from consortium of banks led by Union Bank of India to which the firm defaulted loans to the tune of Rs 300 crore. Sambasiva Rao was not at home when a six-member CBI team from Visakhapatnam office arrived at Rayapati residence in Guntur today morning.