The CBI on Tuesday searched the residential and official premises of YSR Congress candidate from Narsapuram, K Raghurama Krishnam Raju, for alleged loan default of over Rs 947 crore.
Raju has contested this Lok Sabha election from Narsapuram constituency in Andhra Pradesh.
The agency has alleged that Raju’s company Ind Barath group had taken loans worth over Rs 2,655 crore from three non-banking financial companies — Power Finance Corporation, Rural Electrification Corporation Limited and India Infrastructure Finance Company Ltd, officials said.
The company defaulted in payments of Rs 947 crore which which subsequently turned into non-performing assets, they said. The CBI had recently registered an FIR on the basis of which it carried out searches at four offices and two residential premises of Raju on Tuesday, they added.