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Home National & International

ED seizes over Rs 80 Cr in assets of KCR’s party MP, Madhucon group

Lagatar News by Lagatar News
October 17, 2022
in National & International
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Lagatar24 Desk

 

Hyderabad, Oct 17: In connection with an ongoing alleged money laundering investigation, the Enforcement Directorate (ED) announced on Monday that it had provisionally attached 28 movable properties and other assets worth 80.65 crore belonging to Nama Nageshwar Rao, a TRS Lok Sabha MP, and his family members.

According to a press statement from the ED, the PML Act 2022’s provisions apply to Ranchi Expressway Ltd., Madhucon Projects Limited, and its director and promoters in this instance.

Promoter and director of the Madhucon group of companies, Nageshwar Rao also served as Ranchi Expressway Ltd.’s personal guarantor for the bank loan.

ED has attached 28 immovable properties and other assets worth Rs 80.65 crore belonging to TRS MP Nama Nageshwar Rao and his family members in an ongoing money laundering case against Ranchi Expressway Ltd, Madhucon Projects Ltd and its director and promoters, the agency: ED pic.twitter.com/UJ12Qq20Qq

— ANI (@ANI) October 17, 2022

The Madhucon Group of Companies’ registered office as well as residential property are now being seized by the ED, according to the statement.

In the districts of Hyderabad, Khammam, and Prakasam, the ED has located and attached immovable assets worth 67.08 crore and movable assets worth 13.57 crore, including Nageshwar Rao and his family members’ shareholdings in Madhucon Projects Ltd, Madhucon Granites Limited, and other Madhucon group of companies, amounting to a total of 80.65 crore.

The Madhucon Group, its directors, and promoters, including the TRS MP, had 105 movable properties and other assets totaling 73.74 crore attached earlier in July 2022 by the ED.

Ranchi Expressways Limited acquired a bank loan, and the ED claimed it has discovered a direct diversion of 361.29 crore from that credit. Additional investigation is ongoing.

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