Hyderabad: In a relief to Andhra Pradesh TD legislator Kanumuri Raghu Rama Krishnam Raju, the Telangana High Court suspended orders of the RBI and the SBI in declaring the accounts of his family members’ company Ind-Bharat Power Gencom Ltd as fraudulent.
Raju and his daughter Indira Priyadarshini were part-time, non-executive directors of the company, on which CBI has booked a case on charges of criminal conspiracy, cheating, forgery of valuable security, using forged documents and criminal misconduct of a public servant.
The case was booked following a complaint by the SBI alleging that the company, its directors, and public servants conspired and committed the acts of cheating and siphoned of bank funds to the tune of ₹947 crore in 2023.
Based on the inquiry of the fraud identification committee of the SBI, the RBI and the SBI declared the accounts of the company as fraudulent. Aggrieved with the orders, Raju and his family members approached the Telangana High Court.
Senior counsel Vikram Poserla, representing Raju and his family members, argued that the SBI had chosen to remain silent despite its clients having requested on multiple occasions for the copy of the complete forensic audit report, which is necessary to declare the accounts as fraudulent.
