Didn't Cheat Anyone, Will Co-operate With ED: Nama

The Enforcement Directorate (ED) has issued summons to TRS MP Nama Nageswara Rao in connection with a Rs 1,064 crore bank fraud case. ED officials asked Nama Nageswara Rao to appear for questioning on June 25. ED also summoned the directors of Ranchi Expressway Limited and Madhucon group companies to appear before it.

Nama Nageswara Rao said that he worked hard for 40 years and established Madhucon company. He further added that he never cheated anyone and the firm is being look after by his two brothers. He further added that he is not the managing director of the company. He also stated that he would co-operate with ED and has full trust on the judiciary system of the country. He said that he wants to be with people and would do service to the poor people. He asserted that CM KCR and the people of Khammam are his strengths. 

A few days ago, ED conducted searches at the residences of Nama Nageswara Rao and Ranchi Express Way Limited directors, N Seetaiah and Prithvi Teja. The CBI registered FIR against Ranchi Express Way Limited and its directors in 2019 and filed a chargesheet in 2020. The CBI in its preliminary investigation revealed that a total of Rs 264 crore was misappropriated and alleged that the company's directors indulged in a fraud. National Highways Authority of India terminated its agreement with the Madhucon Project Limited.