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Telangana

Probe Agency Seizes Over ₹ 80 Crore In Assets Of KCR’s Party MP, Madhucon Group

The ED in a press release said the case pertains to Ranchi Expressway Ltd, Madhucon Projects Limited, and its director and promoters under the provisions of PML Act 2022.

The ED has also attached the registered office of Madhucon group of companies. (Photo: File)

Hyderabad: The Enforcement Directorate (ED) on Monday said it has provisionally attached 28 immovable properties and other assets worth ₹ 80.65 crores belonging to Nama Nageshwar Rao, TRS Lok Sabha MP, and his family members, in an ongoing alleged money laundering case.

The ED in a press release said the case pertains to Ranchi Expressway Ltd, Madhucon Projects Limited, and its director and promoters under the provisions of the PML Act 2022. Nageshwar Rao is a promoter and director of the Madhucon group of companies and a personal guarantor to the bank loan defaulted by Ranchi Expressway Ltd.

The ED has also attached the registered office of the Madhucon group of companies and residential property here, it said.

ED has identified and attached immovable assets of ₹ 67.08 crores at Hyderabad, Khammam, and Prakasam districts and movable assets of ₹ 13.57 crore including shareholding of Nageshwar Rao and his family members in Madhucon Projects Ltd, Madhucon Granites Limited, and in other Madhucon group of companies, totalling ₹ 80.65 crores.

Earlier in July 2022, ED had also provisionally attached 105 immovable properties and other assets worth of ₹ 73.74 crores belonging to Madhucon Group and its directors and promoters, including the TRS MP. The ED said it has identified a direct diversion of ₹ 361.29 crores from the bank loan obtained by Ranchi Expressways Limited and further investigation is going on.

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