Money Laundering Case: ED Attaches Assets Worth Rs 80.65 crore of TRS MP Nama Nageshwar Rao 

Hyderabad: The Enforcement Directorate (ED) on Monday provisionally attached assets worth Rs 80.65 crore belonging to TRS MP Nama Nageshwar Rao in an ongoing money laundering case. The probe agency attached 28 immovable properties and other assets of the TRS leader. 

The case is related to the alleged financial violations by M/s Ranchi Expressway Limited Madhucon Projects Limited and its director and promoters under the provisions of PMLA Act 2002. Ranchi Expressway Limited was formed by Nageshwar Rao’s Madhucon Projects Limited. The 

The ED has attacked the registered office of Madhucon Group and a residential property in Hyderabad and also several immovable assets have been attached in Khammam (Telangana ) and at Prakasam district (Andhra Pradesh). M/s Ranchi Expressway Limited, Madhucon Projects Limited and its director and promoters under the provisions of PMLA Act 2002.Nama Nageshwar Rao is promoter and director of Madhucon group of companies and a personal guarantor to the Bank loan defaulted by the company, 

During an investigation, the ED found that the Madhucon Group promoters siphoned off the loan funds of this project by taking the entire EPC Contract from its SPV, and then taking huge mobilisation and material advances, but instead of using those advances for the work, used it in their other projects. 

Also, all the six Shell Entities were completely under the control of Nageshwara Rao and Nama Seethaiah.These sub-contractors did no work, had no sufficient expertise, were based in AP/Telangana, whereas the project was in North India.

ED has provisionally attached 28 immovable properties and other assets worth Rs 80.65 Cr. belonging to Mr. Nama Nageshwar Rao & his family members in an ongoing money laundering case against M/s Ranchi Expressway Ltd, Madhucon Projects Limited and its director and promoters.

— ED (@dir_ed) October 17, 2022

Earlier in July, ED had also provisionally attached 105 immovable properties and other assets worth of Rs 73.74 crore belonging to Madhucon Group of companies and its directors & promoters, which included the properties of Madhucon Projects Limited and group companies, Nama Nageshwar Rao and other promoter and director of company after conducting multiple searches and recording multiple statements of Promoters, sub contractors, bankers, engineers, forensic auditors among others.

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