ED attaches over ₹80 crore assets belonging Madhucon Group, TRS MP

The Enforcement Directorate on 17 October informed it has provisionally attached 28 immovable properties and other assets worth ₹80.65 crore belonging to Nama Nageshwar Rao, TRS Lok Sabha MP and his family members in an ongoing alleged money laundering case.

The case pertains to Ranchi Expressway Ltd, Madhucon Projects Limited and its director and promoters under the provisions of PML Act 2022, ED said in a press release.

As per details, Nageshwar Rao is promoter and director of Madhucon group of companies and a personal guarantor to the bank loan defaulted by Ranchi Expressway Ltd.

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Apart from this, ED also attached the registered office of Madhucon group of companies and residential property here, it said. ED has identified and attached immovable assets of ₹67.08 crore at Hyderabad, Khammam and at Prakasam districts and movable assets of ₹13.57 crore including shareholding of the Nageshwar Rao and his family members in Madhucon Projects Ltd, Madhucon Granites Limited and in other Madhucon group of companies, totalling to ₹80.65 crore.

Earlier in July 2022, ED had also provisionally attached 105 immovable properties and other assets worth of ₹73.74 crore belonging to Madhucon Group and its directors and promoters including the TRS MP.

The central probing agency had said that it has identified direct diversion of ₹361.29 crore from the bank loan obtained by Ranchi Expressways Limited and further investigation is going on.

With PTI inputs.