Hyderabad: The CBI has claimed at the Telangana High Court which scored a Shell company controlled by members of Rajya Sabha Y Sujana Chowdary has deceived RS 5,000 Crore banks, and those who issue a scoury circle against it is for the benefit of the nation.
Sujana has not been accused of this case.
The CBI statement came while Justice K Lakshman heard the petition submitted by Sujana on Friday challenging their circle.
He also searched, as a temporary relief, permission to visit the United States on a business trip to procure oxygen concentrators.
The judge, giving MP a month to complete the US trip, ask him to report to the authorities before and after his visit there.
The CBI said in a written statement that the MP’s role was under the active consideration of the researchers.
“Circular Lookout was issued against economic violators which caused a huge loss to the National Exprouer, to prevent them from escaping from the country,” CBI officials at their counter.
The judge said he would check on August 17 the satisfaction of MP against the round of scouts because he had not been accused of in this case.
“Meanwhile, let him go abroad and come back within one month from now on,” said the judge.
According to the CBI counter, a company based in Chennai named BEST & Crompton Engineering Projects Ltd and the director and its officials who use the Letter of Credit facilities from the Bank on the grounds of carrying out government projects.
The loan produced is directed to various shell companies that do not have a business at all and have never been spent on the determined need, CBI is claimed.
Most of these shell companies are traced to the Sujana Group head office in Hyderabad from where the 308 rubber seal of the Shell company is confiscated.
“All shell companies are used to show circular trade and they have also shown several transactions with the best and Crompton,” CBI claims.
The probe agent also said that he seized several documents ‘burdensome’ from the residence of Jubilee Hills Sujana.
MP is the director in several companies, such as extraordinary metal companies, Sujana Towers Ltd., and Sujana Universal Industries.
All of these companies face charges of raising fake invoices.
“These companies use the locking period as opportunities and avoid researchers.
We will immediately face MP with the ingredients we collected in connection with cheating the bank.
We have not accused it but we have gathered important evidence,” CBI officials said.