TRS Khammam MP Nama Nageswara Rao will appear before the court today on allegations that he diverted the bank loans taken for the Madhucon Company’s National Highway project in Jharkhand.ED issued notice to Madhucon Company in a scam of Rs 264 crore.
Also, ED has issued summons to the directors along with the Nama Nageshwara Rao to appear for trial today.In this context, today MP Nama will attend the hearing.
Nama has already announced that he will co-operate in the entire investigation.Also, he made it clear that he is not the MD of Madhucon company.
TRS MP Nama Nageswara Rao has been accused of diverting the bank loans taken for the Madhukan Company’s National Highway project in Jharkhand.In 2011, Madhucon firm acquired the 163 km long National Highway between Ranchi and Jamshedpur in Jharkhand.For this, Madhucon firm received Rs 1029.39 crores from Canara Bank.
The Jharkhand High Court has directed the Serious Fraud Investigation Office (SFIO) New Delhi to probe into the Madhucon firm.The SFIO investigated and reported that Rs 264.01 crore had been diverted from the loan to abroad.ED launched an investigation under the Money Laundering Act, alleging that crores of rupees have been diverted to foreign companies.
