Central Bureau of Investigation(CBI) sleuths have been conducting searches on the properties of former MP Rayapati Sambasiva Rao. According to the information, CBI officials have taken up the sudden raids on Rayapati’s residences simultaneously from the early hours of Tuesday. Offices of Transstroy India Limited, a Russian based company in which Rayapati Sambasiva Rao has stakes are also under the CBI radar. Raids were still on in offices and properties in major cities like Hyderabad, Guntur, Vijayawada and Delhi.
The officials have reported seized key documents and cash in the raids. An official statement is yet to be issued and further details are awaited. It is already known that certain banks led by Union Bank have filed a complaint with CBI for laundering Rs 300 crore amount of bank loan. CBI registered a case of cheating and criminal misappropriation against Transstroy, Rayapati and other members for siphoning off around Rs 250 crore.