The CBI sleuths have initiated raids on the properties of Srinivasa Kalyana Rao, son of Ex-minister and present TRS leader K Vijayarama Rao. The raids are going on simultaneously on his properties in Hyderabad, Bangalore and Chennai. As per reports, some crucial documents are said to be found by the CBI and ED officials.
Earlier, the CBI had lodged a case against Srinivas in Feb 2016 on the charges of taking huge loans from banks and cheating them with fake documents. Srinivasa Kalyana Rao reportedly took loans from three banks to the tune of Rs 304 Crore for the purpose of business. It is alleged that he had diverted the loans and amassed individual assets.
Officials later found that the documents he had mortgaged with the bank were fake. Bank officials had approached the CBI. In the wake of the allegations, the CBI has raided the properties of Sriniavasa Kalyana Rao.