Transstroy, ex-TDP MP Rayapati Sambasiva Rao in CBI net for Rs 7,926 crore bank fraud
In its FIR, the CBI has named the company, its CMD Cherukuri Sridhar and additional directors Rayapati Sambasiva Rao and Akkineni Satish as accused.
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| A+A A- By Express News Service
VIJAYAWADA: In a major banking scam, post-Nirav Modi’s, the Central Bureau of Investigation booked Hyderabad-based Transstroy (India) Ltd, its promoter and former TDP MP Rayapati Sambasiva Rao for an alleged bank fraud of Rs 7926.01 crore in a consortium, led by Union Bank of India.
Transstroy (India) Ltd was engaged in execution of irrigation and infrastructure projects, including the mega Indira Sagar Polavaram Project, in Andhra Pradesh, through a joint venture firm.
NPAs: Cleaner of banks or killer of Indian economy? December 12, 2020, 7:08 PM IST
HP Kumar is the former Chairman & Managing Director of The National Small Industries Corporation Ltd.
NPAs, the abbreviated term, popularly used for ‘Non-Performing Assets’ among Banks and borrowers is turning out to be a draconian provision for the entire business community. The Bankers are equally petrified of this application, as it not only eats away their good money, but, also frightens them by its implications with many a times, seeking their personal accountability. What is this NPA phenomenon which has put the entire Banking Industry to dizzy and the borrowers are facing severe heat with many of them shutting their shops? All borrowing businesses, irrespective of their size, whether large or MSMEs, engaged in any of the economic activities and providing employment to millions of workers, are covered by this provision of NPAs. Let us, therefore, u