Loan fraud: CBI chargesheet against YSR Congress MP

New Delhi, December 31

The CBI has filed a charge-sheet against YSR Congress MP Raghu Ramkrishna Raju and 15 other individuals and companies in connection with an alleged loan fraud case of Rs 947 crore.

In its charge-sheet filed before a special CBI court here, the agency alleged that Raju’s company Ind Barath group had allegedly availed Rs 947.71 crore from a consortium of lenders for setting up a thermal power plant at Tuticorin in Tamil Nadu. The consortium was led by Power Finance Corporation Limited. Other lenders were Rural Electrification Corporation Limited and India Infrastructure Finance Company Limited.

“The borrower firm neither completed the project nor complied with the terms and conditions of loan agreements. The accused allegedly transferred the disbursed project funds to create fixed deposits with the Bank of India and UCO Bank and to pay advances to contractors,” a CBI spokesperson said. — PTI