HYDERABAD: The Enforcement Directorate on Monday conducted multiple raids at the residence and properties of TRS leader and former CBI chief Vijayarama Rao’s son K Srinivas Kalyan Rao in Hyderabad and Bengaluru in connection with a case registered against him in 2016 for allegedly cheating nationalised banks to the tune of over Rs 300 crore.
Srinivas is accused of having secured loans from various banks using his father’s influence. The ED has reportedly seized incriminating documents during the search.
Rao obtained loans from various banks by mortgaging properties of companies of which he is managing director. He is understood to have secured loans worth Rs124 crore from Central Bank of India and `60 crore from Andhra Bank.
The misappropriation of funds came to light after the loans defaulted and the banks while acquiring the mortgaged properties realised they were fake.
Vijayarama Rao’s family’s properties were raided by the CBI in 2016 after he quit Telugu Desam Party and joined the ruling Telangana Rashtra Samiti. Raids at the residence of the former IPS officer even as the Assembly elections near has created a flutter in political circles.
The Income Tax Department had recently conducted raids on properties of TPCC president A Revanth Reddy.