Loan fraud: CBI raids YSR Congress leader's houses

Hyderabad, April 30 (IANS) The CBI on Tuesday carried out searches at the residence of YSR Congress Party leader Raghuram Krishnam Raju in Hyderabad and some other locations in a multi-crore loan default case, the agency said.The Central Bureau of Investigation (CBI) also conducted searches at two residential and four office premises in Hyderabad linked to Raju, besides his house in West Godavari district of Andhra Pradesh, an official said.It is alleged that Raju's firm Ind Barath Power Ltd was sanctioned Rs 2,655-crore loan by three non-banking financial corporations (NBFCs) -- Power Finance Corporation Ltd, Rural Electrification Corporation Ltd and India Infrastructure Finance Corporation Ltd -- to set up a thermal power project. The firm owned by the industrialist-cum-politician is accused of defaulting on Rs 948-crore of the sanctioned amount, the official said.Raju, an industrialist from West Godavari, recently joined the YSR Congress Party and left the Telugu Desam Party (TDP) after he was denied ticket from Narsampuram parliamentary constituency. He then contested from the same seat on the YSR Congress Party ticket.
--IANS rak/nir