ED attaches 28 assets worth Rs 81 cr of TRS lawmaker Nama Nageshwar Rao

The Enforcement Directorate (ED) has attached 28 immovable properties and other assets worth Rs 80.65 crore belonging to TRS MP Nama Nageshwar Rao and his family members in an ongoing money laundering case against Ranchi Expressway Ltd, Madhucon Projects Limited and its director and promoters, a news agency said on Monday.
The ED has also attached the registered office of the Madhucon group of companies and a residential property at Jubilee Hills, Hyderabad. The properties were attached under the provisions of the Prevention of Money Laundering Act, 2022. Nama Nageshwar Rao is a promoter and director of the Madhucon group of companies and a personal guarantor of the bank loan defaulted by the company.
The ED has identified and attached immovable assets worth Rs 67.08 crore in Hyderabad, Khammam, and Prakasham districts, as well as movable assets worth Rs 13.57 crore, including Nama Nageshwar Rao’s and his family members’ shareholdings in Madhucon Projects Ltd, Madhucon Granites Limited, and other Madhucon group of companies, for a total of Rs 80.65 crore.
Earlier in July this year, ED had also provisionally attached 105 immovable properties and other assets worth Rs 73.74 crore belonging to Madhucon Group of companies and its directors and promoters.