The ED case has named former minister Y. Sujana Chowdary, their Chennai based Best & Crompton Engineering projects and 12 others as accused.
Hyderabad:The Supreme Court on Monday refused to stall the trial in a Endorcement Directorate special court in Chennai against Kakulamarri Srinivas Kalyan Rao and 14 others, who are facing charges of duping a consortium of public sector banks led by Central Bank of India of Rs 300 crore after obtaining loan for a business that he never launched.
The ED case has named former minister Y. Sujana Chowdary, their Chennai based Best & Crompton Engineering projects and 12 others as accused.
In his petition before the apex court, Kalyan Rao said that the Chennai ED court had no jurisdiction to hear the case and wanted the court to scrap it.
The bench of Justice J.K. Maheshwari and Justice Aravinda Kumar said that it was not inclined to entertain this appeal. It, however, extended the interim protection granted earlier for four weeks. The petitioner can avail statutory remedies available to him under the prevention of money laundering law. The CBI has already charged the accused in this case with cheating and criminal conspiracy.
