Loan Fraud Case: Former MP Rayapati is in legal trouble!
Former MP Rayapati Sambasiva Rao-owned Transstroy India Limited company is in trouble as the central bank has decided to auction its properties. Reports suggest that Transstroy company has indulged in loan fraud case worth of Rs 452.41 crores. This has made the bank to auction the properties of company on August 18th. It has announced the last day of bid as August 14th.
A case has been filed against former TDP MP for his alleged cheating to Canara bank worth Rs 300 crores. Sridhar, former MD of Transstroy India limited and five others were also served notices.