Hudco loan scam: CBI raids in Delhi, Gurgaon, Hyderabad

New Delhi, Jan 9 (UNI) The CBI today conducted raids at four places in Delhi, Gurgaon and Hyderabad following the registration of a case against former Hudco CMD P S Rana for abusing his official position to sanction a Rs 23.64 crore loan to an ''ineligible'' company.

The searches were carried out at the residences and offices of the former Hudco CMD and D V Manohar and D V Rajsekhar, promoters and directors of the Hyderabad-based Shiv Shakti Resorts and Hotels Ltd. During the raids, incriminating documents were seized which were being scrutinised, a CBI spokesperson said.

Hudco officials flouted bank guidelines to grant the loan to the company, which had been declared a defaulter and had doubtful financial viability, he said.

The company's loan plea had also been rejected at regional level, the spokesperson added.

The Centre had recently ordered a CBI probe into the alleged undue favours extended to the company by the Housing and Urban Development Corporation (Hudco).

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