The Central Bureau of Investigation (CBI) has filed a case against Guntur former MLA Tadisetti Venkata Rao and others for defaulting a massive loan to the State Bank of India. They have taken a loan of Rs. 72 Cr in the name of tobacco business but has not repaid the same for more than a decade. The SBI Kacheguda officials have filed the complaint saying that the accused have diverted the funds into their personal bank accounts.
Over 8 persons were booked in this case. The main accused is Tadisetti Murali Mohan, who is former deputy mayor of Guntur town. The bank funds were taken for their company Ethnic Agros Ltd. Many years have passed but the company has not made any payments so far.
The CBI charged the accused persons for criminal conspiracy, cheating, breach of trust and criminal misconduct. Mr. Venkat Rao and Mr. Murali Mohan were once with the Congress party but later changed their political loyalties.
The latest CBI case brought to the surface yet another bank fraud involving the people’s representatives. Mr. Murali Mohan has been sailing with the ruling YCP in recent times.
