January 1, 2008, Amaravati : A day following the CBI’s filing of a case against K Raghu Rama Krishna Raju (YSR Congress Party (YSRCP) rebel MP), his company Ind-Barath Power Limited (Madras) Limited, and 15 other individuals in relation to Rs 947, Ind-Barath Power Limited was charged.He said that he will file his response to the court regarding all the issues in the chargesheet. According to the MP, the filing of the charges sheet at this stage is a good sign as the case was still pending for four years.
He stated that all transactions were done through banks and said that they had been informed of the outstanding debts by some companies.
It was a civil dispute among the two companies, he said and vowed to file a counter.
He said that it was unnecessary to pay any attention to comments made by those about to be sent to prison.
He apparently was referring to some YSRCP leaders’ reaction.
On Friday, the CBI filed charges against Raju (then chairman and managing director at Ind-Barath) for allegedly losing Rs 947.71 million to a group of lenders.
Ind-Barath’s eight sisters companies Madhusudahan Reddy (then director), Sekeo Power Limited (its managing director) and Pravin Jabad, two chartered accountants, were all named in the charges sheet.
In October 2018, the Economic Offences Wing (Dindia police) registered the case against five people, one of which was based in Hyderabad and two of its directors.On the instructions of the central government, the CBI assumed control of the investigation into this case in April 2019.
Ind-Barath, its chairman and managing Director Raju, allegedly borrowed Rs 947.71 Crore from a group of lenders that included Power Finance Corporation Limited and Rural Electrification Corporation Ltd.(REC), in order to set up a Tuticorin thermal power station at Tuticorin (Tamil Nadu).
The company did not complete the loan agreement and failed to comply with terms.
The borrower company and the accused allegedly transferred/reverted funds from the project to establish fixed deposits at Bank of India or UCO Bank, and then to make advances to contractors.
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