The Enforcement Directorate (ED) is conducting simultaneous raids at the homes and offices of TRS Lok Sabha leader Nama Nageswararao.Along with this, the ED is raiding at the offices of Madhucon Group of Companies in Hyderabad.
The entire raid is being carried out simultaneously in five areas in Hyderabad.There have been allegations of defrauding banks in the name of loans.
There are allegations that money was being diverted to foreign companies.
The ED is conducting raids on Khammam MP Nama Nageswara Rao’s house and office in Hyderabad.Currently, the ED is investigating Bank fraud cases worth about Rs.1064 crore.Against this backdrop, officers are raiding Nama’s house and office.
It is reported that Nama has taken huge loans from various banks in the name of Madhucon Company.
There are allegations that he has diverted money to various foreign companies.Also, raids are underway at the homes of Madhucon directors.
According to credible information available, the authorities are collecting details related to the bank accounts, documents and contracts of Madhucon and Ramky Express Highway Pvt Ltd.companies.Currently, these raids have become a hot topic in Telangana politics.