ED raids TRS Nama Nageswara Rao’s residence in Rs 1,064 cr fraud case

14 Jun 2021 CW Team

Sources informed the media that searches were conducted at six locations in Hyderabad including the Madhucon Infra office in Jubilee Hills, CMD of Ranchi Expressway K Srinivasa Rao, residences of Nageswara Rao, and directors N Seethaiah and N Prithvi Teja, son of Nageswara Rao.

The ED is investigating the case for money laundering under the Prevention of Money Laundering Act. The MP is a personal guarantor for the loans obtained from several banks.

In March 2019, the Central Bureau of Investigation (CBI) had filed a case against Ranchi Expressway and its directors, Madhucon Group of Companies, and officials of Consortium of Banks led by Canara Bank for alleged irregularities in the Ranchi-Jamshedpur (NH-33) project.

Madhucon was given a contract to execute a road project about four-laning of a 163 km stretch on NH-33 connecting Ranchi with Jamshedpur. The project was awarded to Madhucon Projects by the National Highways Authority of India (NHAI) in March 2011.

Madhucon later floated a special purpose vehicle, Ranchi Expressway Ltd, for executing the project on design-build finance-operate and transfer model.

The banks, led by Canara Bank, agreed to fund Rs 1,151 crore to Madhucon Group with Rs 503 crore from promoters to complete the project.

The Serious Fraud Investigation Office (SFIO) report has claimed that the promoters round-tripped Rs 50 crore, alleged Rs 98 crore towards maintenance, used Rs 94 crore of mobilisation advance, and diverted Rs 22 crore and thus, misappropriated Rs 264 crore.

The CBI claimed that there was no progress in the project work and the loan turned into a non-performing asset (NPA) in 2018. NHAI terminated its agreement with Madhucon Projects and forfeited Rs 73 crore.

Image Source

Also read: ED investigates Rs 2,000 cr loan from Piramal Group to Omkar

Also read: Maharashtra police lodges FIR against Indiabulls Group

The Enforcement Directorate (ED) raided the residences and offices of TRS MP Nama Nageswara Rao, his Madhucon Group of companies, and the directors of Ranchi Expressway in connection with a Rs 1,064 crore bank fraud case. Sources informed the media that searches were conducted at six locations in Hyderabad including the Madhucon Infra office in Jubilee Hills, CMD of Ranchi Expressway K Srinivasa Rao, residences of Nageswara Rao, and directors N Seethaiah and N Prithvi Teja, son of Nageswara Rao. The ED is investigating the case for money laundering under the Prevention of Money Laundering Act. The MP is a personal guarantor for the loans obtained from several banks. In March 2019, the Central Bureau of Investigation (CBI) had filed a case against Ranchi Expressway and its directors, Madhucon Group of Companies, and officials of Consortium of Banks led by Canara Bank for alleged irregularities in the Ranchi-Jamshedpur (NH-33) project. Madhucon was given a contract to execute a road project about four-laning of a 163 km stretch on NH-33 connecting Ranchi with Jamshedpur. The project was awarded to Madhucon Projects by the National Highways Authority of India (NHAI) in March 2011. Madhucon later floated a special purpose vehicle, Ranchi Expressway Ltd, for executing the project on design-build finance-operate and transfer model. The banks, led by Canara Bank, agreed to fund Rs 1,151 crore to Madhucon Group with Rs 503 crore from promoters to complete the project. The Serious Fraud Investigation Office (SFIO) report has claimed that the promoters round-tripped Rs 50 crore, alleged Rs 98 crore towards maintenance, used Rs 94 crore of mobilisation advance, and diverted Rs 22 crore and thus, misappropriated Rs 264 crore. The CBI claimed that there was no progress in the project work and the loan turned into a non-performing asset (NPA) in 2018. NHAI terminated its agreement with Madhucon Projects and forfeited Rs 73 crore. Image Source Also read: ED investigates Rs 2,000 cr loan from Piramal Group to Omkar Also read: Maharashtra police lodges FIR against Indiabulls Group

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Infrastructure Energy

06 Apr 2026

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

Real Estate

06 Apr 2026

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..