The CBI has registered cheating and criminal misappropriation case on the Rayapti, Transstroy company and other members of the company for misusing around Rs 250 crore of a bank loan of Rs 300 crore.
The association of banks headed by the Union Bank of India has filed a complaint with the CBI earlier. Following this, raids were taking place at Hyderabad, Vishakapatnam, Guntur and other areas of Telangana and Andhra Pradesh.
The contract of Polavaram was given to the Transstroy company during the regime of previous TDP government and the project was later given to Navayuga company. To know more details on this we may have to wait some more days.