In Andhra Pradesh, RTV has revealed that Telangana Minister Ponguleti Srinivas Reddy’s company submitted fake bank guarantees for projects valued at nearly Rs 4,500 crore. RTV spokespersons sought an explanation from Ponguleti, who did not respond but indicated he would address the issue later, citing his current involvement in a government program. Minister Ponguleti stated he would provide a response to the fake guarantees issue at a later time.
It has been revealed by RTV that Telangana Minister Ponguleti Srinivas Reddy’s company submitted fake bank guarantees for projects worth nearly Rs 4,500 crore in Andhra Pradesh. RTV’s investigation found that Raghav Constructions, associated with Ponguleti, received contracts from APSPDCL and APEPDCL. Specifically, Raghav Constructions secured contracts worth Rs 2,451 crore from APSPDCL and Rs 2,043 crore from APEPDCL, totaling Rs 4,500 crore. The company has already received an advance of Rs 217 crore, including Rs 115 crore from APSPDCL and Rs 102 crore from APEPDCL.
However, the bank guarantees submitted by Ponguleti’s company were found to be fake. APSPDCL has issued a letter stating that the guarantee period has expired. Severe allegations have been made against Ponguleti’s company for providing guarantees through non-affiliated banks.
Euro Exim Bank, which is valued at just Rs 8 crore, is implicated in a massive scam involving guarantees worth thousands of crores. Even major contracts, such as those with Megha, are to be part of this fraud. RTV has been airing a series of reports in recent days, highlighting how contract firms have been siphoning off billions of rupees in public funds through fraudulent bank guarantees. These reports expose the individuals and institutions behind the scheme, revealing the scale and depth of the deception.