Additional Solicitor General of India T. Suryakaran Reddy on Thursday said that K. Srinivasa Rao, director of Madhucon Projects Limited and its subsidiary Ranchi Expressways Limited be presented before Enforcement Directorate special court again.
Presenting arguments in a petition before Justice K. Lakshman of Telangana High Court, the ASG said the ED officials, who registered a case under Prevention of Money Laundering Act (PMLA), accused Mr. Rao of misusing loans given by banks for road laying project works. But the ED court declined to remand the accused in judicial remand when he was presented before it on December 18.
The ASG said the ED court judge did not record any specific reasons for rejection of remanding the accused in judicial custody. The matter was posted to next January 3 for hearing.
Justice T. Vinod Kumar of Telangana High Court on Thursday directed the Registrar and Commissioner of Co-operative Societies to initiate action against the persons accused of embezzling ₹2.26 crore of Konapur Primary Agricultural Cooperative Society (PACS).
Directors of Konapur PACS alleged that the society’s chairman M. Devender Reddy, CEO M. Gopal Reddy and other executive committee members misused the society’s funds. An inquiry was launched and a report was presented stating that the funds were misappropriated.
However, no action was initiated against persons accused of embezzling the society’s funds. During presentation of arguments, Justice Vinod Kumar sought to know form the government why the report was prepared when the authorities were not ready to take action based on its findings.
