Officials of the Central Bureau of Investigation continued searches at the offices and houses of former Union minister and Rajya Sabha Member Y. S. Chowdary for the second consecutive day on Sunday.
The searches were carried out at about 10 places in Hyderabad and New Delhi in connection with the cases registered against the electrical equipment manufacturing firm, Best and Crompton Engineering Project Limited (BCEPL), for allegedly duping Andhra Bank to the tune of ₹71 crore in 2017.
The firm, along with other companies, reportedly functioning under the chairmanship of Mr Chowdary, had obtained a loan of ₹ 364 crore from the consortium of three banks — Andhra Bank, Corporation Bank and Central Bank of India — by providing false statements and forged documents.
Sources said the searches by the CBI Bengaluru unit’s Banking Security and Fraud cell lasted an entire day, on Sunday, during which they grilled a few people associated with the firms, including the directors, and seized several incriminating documents.
Mr. Chowdhry in April had informed the CBI that he did not own the company and had no knowledge of its financial transactions with Andhra Bank. In November last year, the investigating agency conducted searches at Hyderabad and New Delhi offices and houses of Mr. Chowdary, who, along with P Ashok Gajapati Raju, resigned as Union Minister last year after the Centre denied Special Category Status to Andhra Pradesh.
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