BJP alleges Ponguleti’s company is part of Euro Exim Bank scam

Addressing a press conference here on Monday, Maheshwar Reddy alleged that the Minister's company violated RBI guidelines to get a bank guarantee of Rs.400 crore.

Hyderabad: Alleging that Revenue Minister Ponguleti Srinivas Reddy’s Raghava Constructions (India) Private Limited was part of the Euro Exim Bank scam, BJP Legislative Party leader A Maheshwar Reddy demanded the State government to seek a CBI probe into the matter.

Addressing a press conference here on Monday, Maheshwar Reddy alleged that the Minister’s company violated RBI guidelines to get a bank guarantee of Rs.400 crore. The firm was taking bank loans by submitting fake documents, he alleged, adding that there was a need to probe the functioning of the company to expose its illegal dealings. “I will soon reveal more details in the coming days. Srinivas Reddy is the most corrupt Minister in the country,” he said.

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The BJPLP leader said there was a need to probe the entire scam as the Euro Exim Bank was not in the list of banks in the State, hence how two nationalised banks gave guarantee to the firm had to be probed. “I request the State government to immediately order a CBI probe into the matter,”he said.