State-owned Power Finance Corporation, Rural Electrification Corporation and India Infrastructure Finance Co Ltd have accused Hyderabad-based Ind-Barath Power (Madras) Ltd, Ind-Barath Power Infra Ltd and their directors of defrauding and siphoning off Rs 1,000 crore of public money.
The PSU companies have alleged that the accused, including Ind-Barath Group chairman K Raghu Rama Raju and director Madhusudan Reddy diverted the funds disbursed (loans) for the implementation of a 660 megawatt (mw) coal-based power project in Tuticorin district of Tamil Nadu.
The lenders have complained that the accused persons and entities made fraudulent transactions in collusion with each other and have caused a loss to the consortium of banks and financial institutions to the tune of Rs 947.71 crore. Read More
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