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Former TDP MP Rayapati Sambasiva Rao. (File photo) HYDERABAD: In one of the biggest bank frauds in the country worth Rs 7,926 crore, Hyderabad-based Transstroy (India) Limited owned by former TDP MP Rayapati Sambasiva Rao created fictitious companies in the name of maids, sweepers and drivers as directors for diversion of funds. The Central Bureau of Investigation (CBI) in an FIR alleged that the accused floated firms like Padmavati Enterprises, Unique Engineers, Balaji Enterprises, Ruthwik Associates, where an amount of Rs 6,643 crore was swindled. "Nine firms are non-existing companies which have been created to operate the fraudulent activities with the assistance of employees," the CBI alleged.
Representative photo HYDERABAD: The CBI has said Hyderabad-based Transstroy India Private Limited, which is embroiled in one of the biggest banking frauds in the country worth Rs 7,296 crore, had created fictitious firms in the name of maids, sweepers and drivers and made them directors to divert funds. Transstroy is owned by former TDP MP Rayapati Sambasiva Rao. In its FIR, CBI alleged that firms like Padmavati Enterprises, Unique Engineers, Balaji Enterprises and Ruthwik Associates swindled Rs 6,643 crore. “Nine firms are non-existent. They have been created to run fraudulent operations with the help of employees,” it alleged. A KPMG forensic audit revealed that the accused had borrowed Rs 9,394 crore from Canara Bank and 13 other banks.