ED attaches Nama Nageswara Rao's assets worth Rs. 80.65 Cr in Money Laundering case

Highlights: The Enforcement Directorate on Monday has confiscated TRS MP Nama Nageswara Rao's assets in the money laundering case for allegedly diverting the funds to dummy companies

The Enforcement Directorate on Monday has confiscated TRS MP Nama Nageswara Rao's assets in the money laundering case for allegedly diverting the funds to dummy companies. Enforcement Directorate officials have attached assets of Rs 80.65 crore belonging to 28 immovable properties of family members in Khammam and Prakasam including Madhucon Group headquarters at Jubilee Hills in Hyderabad.

The ED officials who alleged that the said MP took loans in the name of construction of Ranchi Express Highway found that approximately Rs.361.92 crores have been diverted and attached properties worth Rs.73.74 crore earlier. It revealed that six companies under Nama Nageswara Rao and Nama Seethaiah have been identified.

Nama Nageswara Rao's Madhucon Projects Ltd bagged a contract from the National Highways Authority of India (NHAI) to build a 163-km four-lane highway from Ranchi to Jamshedpur in Jharkhand in 2011 and a loan of Rs 1,030 crore has also been sanctioned from a consortium of banks under Canara Bank.

However, the construction of the road was not completed within the stipulated time leaving fifty percent of the works. NHAI has complained to CBI about this which registered a case in 2019.