The CBI on Tuesday searched the residences and offices of YSR Congress candidate from Narsapuram, K Raghurama Krishnam Raju, for alleged loan default of over Rs 947 crore, agency officials said.
Raju, who returned to YSR Congress in March, 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.
It is alleged that that the company defaulted in payments of Rs 947 crore which 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 residences of Raju Tuesday, they said.
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