ED Raids Sujana Companies, Seizes Documents, Cars
The ED discovered that some 120 bogus companies were running under the Sujana group, and seized some 126 rubber stamps pertaining to such shell companies.
Hyderabad | 24th November 2018
The Enforcement Directorate (ED) today served summons on TDP MP Y Sujana Chowdary to appear before it on November 27 in connection with an inquiry on allegations that his companies cheated banks to the tune of Rs 5,700 crores.
Following complaints from the banks, the ED officials conducted raids on multiple Sujana group companies based in Chennai, Hyderabad and Bengaluru, and reportedly detected embezzlement of funds. The ED sleuths also discovered that some 120 bogus companies were running under the Sujana group, and seized from a Hyderabad office some 126 rubber stamps pertaining to such shell companies. They also seized five luxury cars.
The ED team from Chennai raided the offices of the Telugu Desam Party MP on Friday night and continued the searches on Saturday. They searched Splendid Metal Products Ltd and Sujana Universal Industries at Nagarjuna Hills in Punjagutta, and also his head office on Road No 10 Jubilee Hills.
Chowdary allegedly took a loan of Rs 304 crores from three banks and transferred it to shell companies without repaying it. On October 10, the ED carried out the first raids on his offices at the Sujana group office in Hyderabad. He also has three cases against him filed by the CBI.
Readers will know that last week the AP government revoked the state's general consent given to the CBI, questioning its integrity after the ongoing conflict within the agency.
filed in: Corruption, TDP, Enforcement Directorate, Crime, Y Sujana Chowdary, Andhra Pradesh