The Central Bureau of Investigation (CBI) has booked cases against Narsapur Member of Parliament, Kanumuru Raghu Rama Krishna Raju, his family members, who are directors of Ind Bharath Power Gencom Limited under sections 120-B, r/w with 420, 467, 478 and 471 IPC on charges of criminal conspiracy, cheating, forgery of valuable security, using forged documents as genuine and criminal misconduct of a public servant.
The case has been booked on the basis of a complaint by S. Ravichandran, Deputy General Manager, State Bank of India, SAMB Branch, Chennai on March 23, 2021 alleging that the borrowing company, its directors and public servants conspired and committed the acts of cheating, forgery including valuable securities and criminal misconduct and siphoned off bank funds to the tune of ₹237.84 crore.
The DGM of SBI, requested that rector (Policy), CBI, that cases should be booked against Mr. Raghu Ramakrishna Raju, K. Rama Devi, K. Indira Priyadarshini, Ambedkar Rajukumar Ganta and others.
According to the FIR, the fraud has taken place at banks in the consortium, from where the accused have diverted the fund, manipulated books of accounts with an objective to defraud the bank and to gain unlawfully at the cost of bank’s funds. The fraud came to light when the forensic audit was conducted for the period between 2012-2017 and the account has been classified as fraud by the Fraud Identification Committee.
