Amaravati: A team of CBI officials conducted an extensive search on the premises of former MP Rayapati Sambasiva Rao in Guntur and other places on Tuesday in connection with a complaint by a bank consortium.
Rayapati, a former parliamentarian of the Telugu Desam Party (TDP), was away in Hyderabad during the raid, but CBI officials spoke to him over phone to elicit certain information.
Sources said the search was conducted based on a complaint filed by the Union Bank of India consortium, related to a Rs 275 crore loan that Transstroy Limited obtained for execution of the Polavaram project. Rayapati was a director in the company.
Transstroy was removed from the project by the previous TDP government last year, though Rayapati was the party MP.
The Union Bank, in its complaint, reportedly alleged that Transstroy diverted the funds for other purposes in contravention of the loan terms.
As part of the investigation, about 10 CBI personnel conducted the search in the former MPs residence in Guntur and his other offices. The house of company Managing Director Cherukuri Sridhar was also raided.
"They have asked us to open the lockers and we complied. They seized some papers, computers and hard disks," Rayapati's son Ranga Rao said.
"We have fully cooperated with the CBI team, he said, but maintained they had no connection with the company affairs. Only their house was mortgaged for the loan," he added. In no transaction was his father involved, Ranga Rao said.
As the key of one locker was in Hyderabad, Rayapati sent it with his staff and the CBI team opened it late in the evening.
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