Chennai/Hyderabad: Officials of the Central Bureau of Investigation conducted raids at places tied to former CBI director K Vijaya Rama Rao's son, Srinivas Kalyan Rao, in Chennai and Hyderabad after complaints that the latter cheated nationalised banks of Rs 304 crore.

CBI spokesman R K Gaur said: "We have registered a case against Srinivas Kalyan Rao, managing director of Best and Crompton Engineering Projects Limited under IPC Sections 120 (B) (criminal conspiracy) read with 420 (cheating), 468 (forgery and cheating) and 471(using a forged document as a genuine one)."

Police officials refused to divulge information about seizure of property , valuables or cash during the raid. As a part of the investigation, CBI officials have been raiding properties in Chennai and Hyderabad and a few other places for the past two days. But Kalyan Rao hasn't been questioned. The CBI registered a case against him and others 10 days ago after Central Bank of India lodged a complaint against the management of Best and Crompton Engineering Projects Ltd, Nungambakkam, alleging the firm had borrowed Rs 124 crore from it before 2013 for purchase of various equipment. Based on the purchase invoices furnished by Best and Crompton (of which Kalyan Rao is the MD), a consortium of banks transferred money to suppliers of the material.

Later, when Central Bank conducted audit of the transactions, it found the furnished invoices to be forged.



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