Shock To Nama Nageswara Rao: High Court Considers ED Charge Sheet
Hyderabad, Sept 3 (Maxim News): The Telangana High Court has considered the Enforcement Directorate (ED) charge sheet on the Madhucon Projects of former BRS MP Nama Nageswara Rao in the money laundering case.
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The CBI had previously filed a chargesheet against Ranchi Express Limited and Madhukan Projects for the construction of a 4-lane highway between Ranchi-Jamshedpur. The ED has registered charges that they took a loan of Rs. 1030 crores and diverted the funds to shell companies.
ED said Madhukan’s company has not completed the construction despite getting the full loan. ED found that Rs.365 crore was diverted through money laundering. ED which conducted searches on Madhukan’s companies in the past. Attached are 105 properties along with Rs. 34 lakh. ED seized 96.21 crores belonging to Madhukan’s company. (Maxim News)
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