In a surprise development, the CBI officers started simultaneous raids on the firms of TDP leader and former MP Rayapati Sambasiva Rao, on Tuesday, the last day of the year 2019.
Rayapati, a strong business man, from Guntur wielded both business and politics for the past two decades. His firm, Transtroy, has been one of the infrastructure major in the State and had spread across the country with contracts.
Transtroy was the prime contractor for the prestigious Polavaram Project, which was later pulled out of it by Chandrababu Naidu government on charges of delay and non-compliance.
The raids are being conducted in the offices and residences of Rayapati in Guntur, Vijayawada, Hyderabad and Delhi simultaneously from the early hours today.
The raids were also spread to the residences of the Transtroy CEO, Sridhar Cherukuri.
The CBI officials have reportedly seized several important documents relating to the company, particularly about its financial transactions.
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