The Central Bureau of Investigation (CBI) has registered a case of cheating against Srinivas Kalyan Rao, son of ex-CBI Director K. Vijayarama Rao for allegedly cheating several national banks.
According to sources, Srinivas Kalyan Rao has procured huge loans from three different banks for his company Best and Crompton Engineering Projects Limited. He reportedly borrowed Rs. 60 crore from Andhra Bank, Rs. 124 crore from Central Bank and Rs. 120 Crore from Corporation Bank to purchase construction machinery. However, investigations revealed that no equipment was purchased and all banks were cheated.
Based on a complaint lodged by the banks, the CBI has registered a case against Kalyan Rao and his company under Sections 471, 468, 420 R/w 120 (B). His offices in Chennai and Hyderabad have been raided and several documents have been seized. (INN)