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CBI files case against its ex-Director’s son


Central Bureau of Investigation (CBI) has registered cases against K. Srinivas Kalyan Rao a city based businessman and son of the former CBI director and the former minister K. Vijaya Rama Rao for duping the banks to the tune of Rs.304 crores.Acting on the complaint lodged 10 days ago by the assistant general manager of the corporate division of Central Bank of India R. Sundara Raman, CBI team from Chennai reportedly conducted surprise checks at Kalyan Rao's flat at Stone Valley Apartments on Road No. 4, Banjara Hills today.

It is alleged that the accused Kalyan had borrowed Rs.124 crore from the bank against the purchase order of the Best and Crompton Greaves company in Chennai. But it was found fake during a forensic check by the bank authorities that prompted them to lodge complaint with the CBI. However, later it was found during the raids that he had duped other banks as well to nearly Rs.180 crores aggregating to Rs.304 crores. Investigations are on. It may be recalled, Vijayarama Rao had recently switched his loyalties to TRS by joining in the presence of KCR. He served as the Minister for Commercial Taxes during the Chandra Babu Naidu regime

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