ED raids premises of Rayati Sambasiva Rao's company

Hyderabad: Enforcement Directorate searches Transstroy India Private Limited premises as part of a Rs 9,394 crore loan fraud case. The company, owned by former MP Rayapati Sambasiva Rao, is suspected of money laundering involving the loan scam. The search was conducted in Hyderabad and Guntur, covering nine locations, including offices and residences of the accused. The accused allegedly diverted funds through fake companies using employees' names. The firm, initially associated with the Polavaram Irrigation Project, obtained the loan from a consortium of banks. Additionally, a separate FEMA case is ongoing for foreign exchange transaction irregularities involving Rs 15.34 crore.