TRS MP Nama Nageshwarao responds to bank fraud allegations

TRS MP Nama Nageshwara Rao responded to the allegations of diverting the bank loans taken for a National Highway project undertaken by Madhucon Company in Jharkhand to the foreign companies.

Speaking to the media, MP Nama Nageswara Rao made interesting remarks.

"I have started the Madhucon company 40 years ago.I have worked hard for the company.Currently, the company is laying roads even in the least accessible areas on the China border.

My two brothers are taking care of this company and Im not the MD.I will support the investigation and Ive faith in the judicial system.My strength is CM KCR, and Khammam people." He said.In 2011, Madhucon company won the 163 km National Highway-33 between Ranchi-Rargaon-Jamshedpur in Jharkhand for Rs.1,151 crores.However, the Jharkhand High Court has directed the Serious Fraud Investigation Office (SFIO) in New Delhi to find out the truth behind the allegations that Madhucon company was involved in bank fraud.The SFIO investigated and reported that Rs 264.01 crore had been diverted from the loan taken by the Madhucon company.The CBI has also registered a case against Madhukan Group and several other companies under the Money Laundering Act, alleging that a huge amount of money was diverted.