Telangana: ED Attaches 28 Immovable Properties Of TRS MP Nama Nageswara Rao

ED officials stated that they provisionally attached 28 immovable properties and other assets worth Rs 80.65 crore belonging to Nama Nageswara Rao & his family members

TRS party MP Nama Nageswara Rao ( Image Source :ABP Desam )

The Enforcement Directorate on Monday attached properties worth Rs 80.65 crore of Telangana Rashtra Samithi (TRS) MP Nama Nageswara Rao and his family members. Action has been taken against the TRS leader in the case of money laundering.

The ED officials stated that they provisionally attached 28 immovable properties and other assets worth Rs 80.65 crore belonging to Nama Nageshwar Rao & his family members in an ongoing money laundering case against Ranchi Expressway Ltd, Madhucon Projects Limited and its director and promoters.

ED has provisionally attached 28 immovable properties and other assets worth Rs 80.65 Cr. belonging to Mr. Nama Nageshwar Rao & his family members in an ongoing money laundering case against M/s Ranchi Expressway Ltd, Madhucon Projects Limited and its director and promoters.

— ED (@dir_ed) October 17, 2022

According to reports, based on the Central Bureau of Investigation (CBI) FIR lodged on March 12, 2019, the ED registered a case under the Prevention of Money Laundering Act (PMLA) and started its probe.

Later, on December 30, 2020, the CBI filed a charge sheet before the Special Judge for CBI cases, Ranchi, against Ranchi Expressways Limited and others.

It is to be noted that on June 11, 2021, the ED searched the offices of Madhucon Group, the residences of K Srinivasa Rao, CMD of Ranchi Expressway, and also the residences of its directors N Seetaiah and Nageswara Rao’s son N Prithvi Teja, in connection with the Rs 1,064 crore bank fraud case.

The National Highway Authority of India (NHAI) awarded a project of four-laning of NH-33 from 114km to 277.50km on the Ranchi-Rargaon-Jameshdpur Section to Madhucon Project Limited on March 18, 2011.

However, the company could not complete the project, despite availing the total loan amount, following which their contract was terminated, and an FIR was booked based on the directions of the High Court, which were, in turn, based on the reports of NHAI.