In a huge development, the Enforcement Directorate has carried out raids at TRS MP Nama Nageswara Rao’s residence. The ED has information of Nama’s company Madhucon Groups taking Rs 1000 crore loan from banks and failing to make payment.
Based on this preliminary information, ED is carrying out raids. Five teams are taking part in this raids and at five locations, these search operations are going on. The ED has set eyes on Madhucon Group directors.
ED’s inputs have it say that the funds taken on the project Ramky Express Highway limited were diverted. Regarding the same, the company’s bank documents, transaction slips and payments made to the contractors are being monitored by the ED. The raids are expected to take place till late evening.
Meanwhile the TRS MP Nama is yet to be available for the media to comment on this issue.