Urea scam accused held in cheating case & remanded

H|yderabad, Feb.16 (Maxim News): The sleuths of White Collar Offences Team-1, CCS, On Wednesday, apprehended M. Sambasiva Rao of Lanco Hills, Manikonda, Cyberabad West and a native of Yeminenivaripalem village, Cherukupalli Mandal, Guntur Dist

Earlier, the police registered a criminal case under Section 406, 420 R/W 34 IPC on the complaint of one Prashanth Srisailam, who alleged that the accused and his accomplices caused loss of Rs 1.89 crore by entering into an agreement for development of land, which was already attached in CBI case in the notorious Urea Scam Case.

According to Dy Commissioner of Police, CCS, DD, the accused entered into an agreement with National Fertilizers Ltd. (NFL) and cheated it to the tune of Rs 133 crore which is known as Urea Scam case. In connection with that case, the CBI arrested him and sent to Tihar Jail and a case has been pending trial at Special CBI Court, New Delhi. In this case, the CBI attached his property of two acres four guntas in Sy. No. 102/1 and 102/2 of Nampally village, Hyderabad.

In 1996, the accused entered real estate business and started Sai Sri Projects Pvt Ltd at Begumpet in 2013. The accused contacted complainant M.D. of vOptimise infra Solution Pvt. Ltd of Bengaluru and induced him to enter into a development agreement to develop the land at Nampally and for constructing International mall with multiplex with a profit sharing of 70:30 and taken advance of Rs 1.89 crore and cheated the complainant.

The accused was produced before the XII ACMM Court and remanded to judicial remand. (Maxim News)