New Delhi: CBI has said that Hyderabad-based Transstroy India Private Limited is among the country's largest banking fraud worth Rs 7,296 crore. This company has created fake firms in the name of maids, sweepers and drivers and made them directors to withdraw money. Transstroy India is owned by former TDP MP Rayapati Sambasiva Rao.
The CBI has alleged in its FIR that companies like Padmavati Enterprises, Unique Engineers, Balaji Enterprises and Ruthvik Associates committed fraud of Rs 6,643 crore. 'Nine firms do not exist. They were made to do fraud with the help of employees. KPMG forensic audit revealed that the accused took Rs 9,394 crore as loan from Canara Bank and 13 other banks.
The CBI's banking fraud and securities cell in Bangalore filed an FIR against Transstroy, Sambashiva Rao, the company's CMD Cherukuri Sridhar and director Akkineni Satish. Cases were registered under sections of IPC and Prevention of Corruption Act. Rao, however, denied any fraud and said that the CBI wrongly lodged an FIR. He said that he had taken a loan of only 700 crore rupees.
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