On 19.08.2023, the Directorate of Enforcement (ED) searched bank lockers belonging to Cherukuri Sridhar and his family in connection with a bank fraud case against M/s Transstroy India Limited, resulting in the recovery and seizure of 9.34 Kgs of jewellery valued at Rs. 6.98 Crore and 2.27 Kgs of gold coins and bars valued at Rs. 1.37 Crore. The entire value of the confiscated gold and jewels is Rs. 8.35 crore.
The ED launched an investigation into money laundering based on a FIR filed by the CBI, ACB, Hyderabad, claiming bank fraud, deceit, and criminal breach of trust by M/s Transstroy India Ltd., its directors, and others. M/s Transtroy India Limited benefited from the multi-banking system by obtaining various credit facilities from more than ten banks.
The ED investigation revealed that the directors of M/s Transstroy India Ltd. conspired with others, misappropriated loan funds, and diverted them using various methods such as accommodated Letters of Credit (LC) transactions, diversion of funds to accounts maintained outside the consortium, multilayered transactions with the assistance of entry providers, and so on.
On 01.08.2023, the ED conducted searches at 9 sites in Hyderabad and Guntur, including the offices of Rayapati Sambasiva Rao, ex-MP, and Cherukuri Sridhar, ex-CMD of M/s Transstroy India Limited. More research is being conducted.
