The Supreme Court has rejected the petitions filed by TDP MLA Raghu Rama Krishna Raju and directors of Ind-Bharat Power Gencom Limited seeking to quash an FIR in an alleged bank fraud case. The court observed that the allegations were serious and that there was no ground to interfere with the ongoing investigation.
The case was registered by the Central Bureau of Investigation (CBI) in 2021 over allegations of fraud amounting to approximately Rs. 237.84 crore involving a consortium of banks led by the State Bank of India (SBI). The allegations include cheating the banks, diversion of funds, forgery and financial irregularities.
Supreme Court Upholds High Court Decision
While hearing the petitions, the Supreme Court referred to the seriousness of the allegations and the forensic audit report forming part of the investigation. The bench questioned the grounds for quashing the FIR and agreed with the High Court’s decision not to interfere with the case.
The petitioners argued that they were independent directors of the company and raised concerns about the opportunity to present their arguments. However, the Supreme Court declined to grant their requests.
CBI Asked to Complete Investigation Within 16 Weeks
The Supreme Court directed the CBI to expedite the investigation and file a chargesheet within the next 16 weeks. The latest order means that the criminal proceedings against Raghu Rama Krishna Raju and the other directors will continue.
The court’s decision marks a significant development in the alleged Rs. 237.84 crore bank fraud case involving Ind-Bharat Power Gencom Limited and the SBI-led banking consortium. The allegations remain subject to the ongoing legal process.
