Ranchi Expressway Limited directors K Srinivasa Rao, N Seetaiah, and Nama Prithvi Teja, son of the TRS MP, were also summoned. The ED had seized Rs 1 crore in cash and gold jewellery and “incriminating” documents related to the case from the office and residences of the accused. The agency alleged that despite Rs 1,029 crore being released by the banks, there was no progress in the project.
Investigations revealed that Rs 264 crore was diverted because of round-tripping in equity, subordinated debt infusion and diversion of mobilisation advances, the ED claimed. Nama Nageswara Rao is a bank guarantor for the loan. Despite several calls and messages, the TRS politician could not be reached for comment